Comment

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 4, 2012 at 6:31am

@Evelyn I have talked to my HUD contact and have kept him in the loop throughout the rescission process and this short sale. Talked with him again this morning. He is quite helpful.

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 4, 2012 at 6:26am

@Evelyn What is a TPA?

Comment by Evelyn Santiago on December 4, 2012 at 6:08am

I am in the midst of 2 more FHA short sales with BOA. The FHA appraisal is only good for 120 days - they are no longer good for 6 months, they have not updated the literature. You need to get a TPA from your seller and contact the National Hud Servicing Center so they can intercede on your behalf if the Twitter Team does not help. You can get a copy of the appraisal by just requesting it to the negotiator, FHA guidelines allow that unlike regular short sales where you would need to do a QWR to see if they charged the homeowner for it and then you can request it.

I am currently trying to find out if an actual variance on one of my short sales was submitted to HUD because BOA will not send me the denial letter. I have escalated to HUD again. Good luck!

Comment by Valerie Hernandez on December 4, 2012 at 5:54am

Sounds like they don't want to pay any incentives either. Based on what you are saying it looks like BOA has extremely increased their time for a short sale. I have one that had a complete package including offer since May and barely got a negotiator assigned in September. She said she is the PH 1 negotiator and they have 45 days, then it moves to PH 2 and they get another 45 days. You are now saying there is a PH 3 negotiator? so I'm guessing another 45 days?? Not to mention that PH 1 superviser told me I have a right to get a copy of the appraisal, when I told him the amount they want is too high, but negotiator PH 1 has yet to send it to me after asking for it 4 times already......What is going on with BOA? and to add to the mess they will start having FHA files go through EQ in Feb 2013

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 4, 2012 at 3:47am

You know the file I started working on October 2011. Avoided foreclosure 3 times, had a closing set and approved. BA foreclosed anyway. HUD demanded BA rescind foreclosure. Am on my third buyer. Have all paperwork submitted and on week before closing a new negotiator is assigned. Took three days to get in touch, who then say she does not have any of the files; ecscalated via twitter. Today we are supposed to close. It is like BA did not know the date of closing in the contract. Then I get this email.

          "This loan cannot close today because I had to submit a Variance on the file yesterday for the expired appraisal. The Variance process takes around 7-10 business days to get back. Furthermore you will not be getting final approval from be as this is just phase II of the process, your phase III negotiator will be handling your closing. But we have to get you through the quality department here first before you can proceed to Phase III. I will review the docs that you have sent over however we will not be closing today and we will have to wait for that variance to come back."

Now I meet the FHA appraiser on July 3 and isn't that appraisal good for 6 months? That would be Jan 3, 2013.

Does that tell me they don't plan on closing until Jan sometime!!!

Geezzzz.

Comment by Christy Brock on November 30, 2012 at 8:31am

@ Neil - BofA is not obligated to share the value of the BPO with either the agent or homeowner.  Sometimes, they will tell you.  Sometimes they will give you a value range.

Comment by Neil L. on November 30, 2012 at 8:28am

Which Dept at BofA will give the BPO Value to the homeowner/agent?

Comment by joe beauchamp on November 30, 2012 at 4:03am

Ludora, the DIL is a small shade above a foreclosure on her credit - far better to BK then SS.

The $ are being asked by the MI, she would not have MI on investment properties, also, MI demands vary. Some MI's are broke and they don't bend for anyone because it doesn't matter - they aren't paying out - they just extort.

Once there is a BK, the MI has no right to ask for any $ from the seller - none.

Comment by Carol Muir on November 29, 2012 at 3:09pm

Thanks Tanya. We did contact the local attorney and they need Boa to OK the order to vacate. I will however have the suggested documents sent to them.

Comment by Ludora Cooper on November 29, 2012 at 10:44am

Thanks Helena, Those are all good points to consider.. I will follow-up on what they are considering Assets.. Borrowing against a 401K requires the borrower to meet certain criteria's also she doesn't want to incur a penalty for an early withdrawal.

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