BOFA Did it again!!!!! What are they thinking???
BOFA Did it again!!!! Short sale approved. Approval letter being worked on and I could not get it last Friday or this past Monday as I was told I would. Tuesday, Wednesday and even yesterday received an email stating trying to get the letter to me if not today, than tomorrow. Closing already scheduled for Tuesday morning. File submission to approval in 48 days.
Today get a Decline Notice:
"This loan was service released 11/15 to Select Portfolio at 800.258.8602. The short sale transaction currently in process has ceased, so please contact the new servicer to begin working with them. Thank you, Pamela"
Can you say Frustrated???????????? I mean really BofA?????????????????
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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Servicing Release Impacts on Short Sales
10/31/2012
Bank of America services mortgage loans for hundreds of investors. As a part of normal servicing, investors may decide to release or transfer servicing from Bank of America to another company.
Servicing may be transferred on first, second or stand-alone liens. In most cases, once the servicing transfer occurs, the short sale process ends with Bank of America and the homeowner must contact the new servicer to determine what foreclosure alternatives may be available.
Real estate professionals should advise homeowners that, similar to foreclosure, a servicing transfer is a risk that may occur at any time during the short sale process. This is why it is important to move as quickly as possible to facilitate the short sale.
Some key activities that may occur during servicing transfer:
- Bank of America will send the homeowner a letter 15 days before the servicing transfer date.
- Bank of America may call the agent to advise of the impacts to the short sale.
- The new servicer will send a letter or statement advising the homeowner where to send payments.
- If an offer has already been accepted on your short sale, a closing has been set and an approval letter issued, the new servicer will determine if the short sale will continue.
Action Required:
- Review the Frequently Asked Questions document.
- Advise the homeowner to maintain all contact information and letters related to the servicing of their mortgage.
- Collect all servicer contact information and letters from the homeowner frequently throughout the short sale.
Contact the new servicer with the homeowner to determine the options available to the homeowner. Keep in mind that it takes 30 days or more for the new servicer to access the loan.
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Permalink Reply by Carmine R Biello Jr on
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Thanks Kevin,
It would have been nice if at least one of the key activities were brought to my attention from the 16 people I spoke with in the 45 days. The answers and responses in the emails and phone conversations were "you'll have the letter by today if not first thing tomorrow. Had they advised the loan was being transferred, which they probably had knowledge of in advance, they should have disclosed the same. 45 days from inception to approval is pretty good I think, it was not because of lack of effort, it was because BofA knew something and failed to disclose, then stalled the process for three extra days so we would not be able to close. We could have closed within 48 hours (or less if BofA would have allowed it). That is the frustrating part. I appreciate the information you provided and I know it will be useful to the Super Stars and others going through this process.
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A Servicing Transfer Statement is required if the loan servicer sells or assigns the servicing rights to a borrower's loan to another loan servicer. Generally, the loan servicer must notify the borrower 15 days before the effective date of the loan transfer.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ra...
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Permalink Reply by Janine Margaret Nielsen on
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We have revised our Hold Harmless agreement and SS disclosure to inform the seller and the buyer to the fact that if the loan servicing is transferred that it can impact length of time to process and also that we have no control over the outcome including a TS.
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That's great! Thank you Janine! ;-)
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Permalink Reply by Kathy Bennett on
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I am always concerned when any servicer says that it is approved and you don't get the approval letter when they said it would come. It usually means that the action behind the scenes is happening and they cannot (or will not) says what is going on. Usually it is being sold and pulled off their list. I also heard that Bank of America had a lot of loans sold within the past 60 days to other companies.
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Permalink Reply by Joan Psarros, CDPE, CRS, SFR on
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Hi, I can not say frustrated. There is another word for it. I had one with BOA as well. Worked on it forever. The seller was an investor. I was told we had to go through HAFA first. So, we did and that got approved except for one little issue we had an offer than was higher than their BPO by almost $40k. So, I was told to change the listing contract lower, change the MLS to lower. I told them that I had another offer for much higher. They said no problem after I did the above and had the approval than to send in the offer I already had. The listing was changed, per their request, to the lower amount. Oh, the buyer was furious as he now felt he was paying too much for the house so he walked. But, I got another offer immediately. I called them and was told there wasn't enough time as the loan was being transferred to SLS in a month. There was nothing that could be done as all we could do was wait until SLS had the loan on November 1st. Of course I called on 11/1/12 but was told it takes a week to get everything into the system. I have called continuously and was given a new loan number in the beginning. But, when I call I can't get through the system as they don't recognize the loan number or the seller's social security number. I have tried to fax the package. Oh emailing was fun. They gave me an email address and no matter how little I sent it kept coming back it was too much and declined. I have been on hold for hours . I still haven't been able to get the package to a human.
So, Frustrating is not the word I am thinking!!!!!! If anyone know how to speak with a human at SLS let me know????
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It happens all the time. We had one where we negotiated the loan for 8 months, had an approval letter and the day before closing, they told us it had been service released a year and a half ago! Bank of America acknowledges this is an issue and suggests that the homeowner check their mail from Bank of America and you or the negotiator should continually check with Bank of America to see if the loan is scheduled for service release.
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Permalink Reply by Karen Roberts on
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Perhaps BofA is transferring these files to Non-GSE's (like Seterus, SPS and GreenTree) who are not required to honor the National Mortgage Settlement Agreement so that BofA does not have to report on the homeowners they are not helping. This Act was a fund to reimburse affected homeowners and rectify serious mortgage abuses by these lenders Looks like it's working? Right! Write your Attorney General and Senator. Let them know that this activity DOES NOT assist the homeowner that this act was designed to help.
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Permalink Reply by Ann Howard on
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I am working on a short sale that was sold to SLS. You have to go through the customer service center. For email it takes 3-4 days to receive and if you fax it takes a week. You will need the loan number ( the borrower will have it with the letter sent to them) the propery address and last four digits of the primary borrower's social security number to access any information once you have sent over the third party authorization. Not easy dealing with them as they do not use the equator system and you will not receive any emails from them nor call backs. You will have to call them at least twice a week for any information. I usually call on Wednesdays and Fridays for updates. I feel your frustration.
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Hi, Thanks, Maybe I am trying to work this too early as the seller hasn't received anything from SLS yet. I was told the beginning of October that they were transferring the loan on November 1st. I was given a loan number around the 5th of November. Now, when I call (and I call a lot) I put in the loan number with the last 4 digits and get a recording that there is no such loan. I get a message if I want to speak with someone press #4 and then they hang up. This has become a quest of mine. I cannot tell you how many times I have tried. I have emailed (another 4 hours of time I will never get back before I die). I keep getting message that the file was not sent as the file is too large. After multiple trys I just tried to send a cover sheet and that didn't even work. I have faxed it and we will see on that one again. They won't recognize the loan number and probably throw it away.
I really do not know why things are going the way they are now. I was always the person that followed the rules and life went along just fine. But, I want to know who is making up the rules now? This is crazy. If only the American Public really knew what was going on they would understand better the world that we are in now.
Thanks for the help. I need it. Anybody else have one of these loans that is still not showing up on SLS's numbers?
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Try to email them at [email protected] Reference the property address - you can also reach them at 800-306-6059. Best of Luck!!
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