BOA approval letter only given four days to close

After six months in REDC, two hard declines due to inside errors, and twice upping the offer, I finally get an approval letter with a FOUR DAY closing date. For 10 days I call, email and try to get some answers and have been given the cold shoulder. Finally, I get the closing officer who states that due to the soon-to-be servicer change they just decided to give me, with an FHA loan at the buyer end, four days to close, and it was approved on a FRIDAY! I thought it was an error on their end. It wasn't! Now, I wait for FANNIE MAE to extend. What is going on? Who do I really complain to outside the banks? Who should I send this approval letter to in order to get somebody to realize FANNIE MAE does not care and never will. I believe when a loan is being held in a short sale, their should be NO servicer changes, whatsoever. What ever their reasoning is behind this is bogus.

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Replies to This Discussion

Permalink Reply by Mega-Pros on May 14, 2013 at 4:08am

That is a shame, Christina. I have to shake my head at a lot of this "busy" work and sleight of hand tactics that lienholders are pulling these days. I have to agree with you that once a shortsale is in process to the point that there is an offer in on it, they should NOT BE ALLOWED TO CHANGE SERVICERS.

Lienholders get further and further from the idea of assisting distressed homeowners and plenty of people with large amounts of cash are lobbying for homes to be forced into online auction situations, which will remove the only affordable adovacy that borrowers have via real estate agents, currently.

I wish I had some good advice for you. I wish you luck and please keep the board updated as to how this continues and finishes.

Permalink Reply by Christina Waymreen on May 14, 2013 at 7:11am

Just updating you on this short sale. I got a call today from the BOA social media office who read the issue I am having with the approval letter. She has been kind enough to forward this to a department to get it sorted out for me. I am hoping that more banks read the shortsalesuper star blogs to get an idea of how to simplify these procedures.

Permalink Reply by Rachael Babinchak on May 14, 2013 at 6:07am

there have been other conversations on this, maybe try a search with keywords about servicer changes. Some people have stopped it,

Permalink Reply by TOP END Properties on May 15, 2013 at 4:49pm

They did this to me also, but they assured me that they had already filed for the extension and were confident it would be approved. We moved forward with closing and everything worked out.

I would recommend trying to get the buyer to move forward b/c they might not offer another 'extension' down the road.

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