I have had enough of BOA. It has been a nightmare the last ten months working this short sale file. I have gone over hurdle after hurdle. Not a 300 meter hurdle race how about a 300 mile hurdle marathon. I received the highly anticipated email that the file has been approved. The seller had to agree to a 25k promissory note which was done. One week later on May 10, 2010 the property was foreclosed on. How can this be? I emailed BofA and they emailed Freddie asking them to resend the loan in order to get the closing done. I recieve this email today.
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This response says the letter came back denied to postpone the foreclosure but yesterday there was no response to the request submitted, I believe they just sent it back today along with the them saying the investor will not rescind.I called Freddie Mac and Rodney said,"Oh now their putting this on us!" "Call Home Steps Department @ 1800 972-7555 and hit prompt 1,2,6. You will have to speak with them now." I called and spoke with Lovern, they set up an inquiry and this is suppose to go to corporate. She said they were not allowed to give out time frames as to when we would get a response. I was given a reference number and that is it.
I have closed 100% of my short sales when they have had an offer submitted, no matter what hell and furry it caused in my life, it is about taking care of my clients. This deal looks real dead to me, even my broker said so. I don't accept that answer! He was able to get one rescind because the foreclosure was not in the paper properly. Missouri is a non redemption state. My second job is a Home retention specialist and many assignments are going to homes after foreclosure to qualify them for reinstatement. What gives here? I left messages for higher up in BofA but has a 24 hr turn around response. The seller has been calling BofA as this is very detrimental to him. He wants to speak with a lawyer about his options. What about us Realtors, are we do nothin when I (the listing agent put 11 months of time, energy and money into this listing.
The Short Sale is approved with a closing date before June 29 2010. how can the foreclose on it and then not be willing to fix it. I would like any and all comments. Has this happened to any of you? Any Advice on how to save this deal?
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Check the legal records....have your Title/Escrow person pull the deed or go to the Courthouse and find it yourself. Tax records are typically delayed and BofA has nothing to do with recording the deed. You need to be on top of this to know the real status.
Laurie
Unfortunately Bank of America pulls this kind of crap all the time and they think they can get away with it. Darlas message above is simply incorrect in that even though the lender has sold the property at auction and recorded a trustee's deed, the whole process can be reversed. What you need to do is not take this lying down. Bank of America needs to understand that we work with them in good faith and they need to reciprocate that good faith. From what I understand is that you have a short sale approval letter good through 6/29/2010. You need to hold them to that. If I were you I would consider calling the Office of the President for Bank of America at 800-801-4860 and explain to them the situation. You have to move quick though as the investor Freddie Mac will likely assign an REO agent to handle the disposition of the REO which means they will contact your seller and offer them a 'cash for keys' agreement.
I think I speak for a lot of us who simply do not understand why Bank of America cannot get it together. I would prefer if they simply did not even allow short sales if this is the way they act. Thats my .02 cents. Good luck and let us know how this turns out.
Sam
People need to start logging complaints at a Federal level... www.helpwithmybank.gov under Mortgage i have done so!
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