Replies to This Discussion

Permalink Reply by Aneetra Isis Sherrell on March 1, 2013 at 2:19am

I just escalated to the twitter team as I'm having a problem with them as well. Long story short, estate sale, requested financial docs and what I uploaded was a blank document for each task stating an estate sale. Received a denial 24 hours later saying file declined due to items not being uploaded in time. Reinitiated same day, same docs requested. Called customer service,they advised negotiator & he changed tasks. Yesterday, received tasks to upload estate docs & change address on HUD & authorization since they do not show "SW" as part of property address. Also requested proof of no assets left in estate by today or file would be closed. Problem is, deceased had nothing & we provided a letter stating such. I have escalated proactively because I have a feeling they don't want to accept the letter & they want a bank statement or something of the sort which we can't provide because they didn't have one!

I'd also like to know if anyone has had the "pleasure" of working with Servicelink yet, I can already see them becoming a problem...

Permalink Reply by Andrew Coppo on March 1, 2013 at 2:39am

I've worked with ServiceLink before. They are the typical 3rd party loan sevicer. They lose documents, request the same items multiple times, and charge a 1% processing fee (5% commission). This was prior to the Fannie/Freddie servicing guidelines, however, so they may not be able to do that anymore. On a positive note, they issue approvals rather quickly once you get the complete file assigned to a negotiator.  They also communicate by email which is a plus. Good luck. 

Andrew Coppo

Greater Boston Short Sales, LLC - Massachusetts' leading short sale negotiator

Permalink Reply by ElizabethWeintraub00697006LyonRE on March 1, 2013 at 11:34am

I've had opposite experiences on several recent short sales with ServiceLink. Although they have snatched part of my commission in the past, they didn't opt for that on my recent short sales, and they were very efficient. Like with anything, I think it depends on who you get. I was shocked during my last short sale because ServiceLink gave me updates before I asked for them, the negotiator was extremely polite and efficient, and she did everything when she said she would and in the manner she promised.

I can also see the reason for a denial without an MLS photo. Why is there no photo in MLS? The bank might think you didn't want to get very many offers or maybe the home wasn't truly exposed for some reason.

But as for the HAFA refusal letter, you can do what I do if you like. Feel free to adopt it, my clients like it. They say: We would rather poke out our eyes than do a HAFA short sale through Bank of America. Nobody seems to question that statement, hahahahahaha.

Permalink Reply by Travis Harris on March 17, 2013 at 2:42am

Hi Elizabeth
I'm curious as to why you don't or will not do HAFA short sales with BoA? I have completed 2 of them with this lender---Service Link was the Servicer for BoA and these were the easiest transactions I have completed for short sales. Service link actually bugs me to get the required docs back to them before they are due in equator. In both cases, My clients were happy as the each got $3000 back at closing and the deficiency judgement was waived. In fact I'm looking for more of these HAFA deals with BoA. Please share your experience.

Permalink Reply by Louise Dela Cruz on March 18, 2013 at 12:00pm

hahahahahahaha this is hilarious!!! Thank you for lightening up my day Elizabeth.

Permalink Reply by TOP END Properties on April 2, 2013 at 3:09pm

Doesn't sound that bad.  

- If you don't have time to post a single photo of a property on the mls, then you are not doing your job and it can be reasonably deemed that the property is not being properly marketed.  I agree with them on this one.  A realtor is a Real Estate Marketing Service.  If your not posting photos .. I don't know what you are even doing.

- If a bank statement has multiple pages, they need ALL pages.  That's the guideline.  I would comply and avoid getting the file declined.

Permalink Reply by Louise Dela Cruz on May 6, 2013 at 6:26pm

I thought I would share the outcome of this deal.

Note, "marketing" was not an issue mentioned. Also, a bank can ask for multiple pages of  statemen thowever if there is only 1, the bank needs to use a little common sense. Here in California, the inventory is minimal and after only 30 minutes of being on the MLS, I have received up to 10 offers. So doing my job includes gathering offers, reviewing offers, printing copies of all of the offers, preparing HUD statements for all offers and then, of course, presenting them to the sellers. Escalating this deal, (also my job), proved to be the right thing as the bank worked with me.

I was able to work this to a successful close!