SB 1852
If you google this you should come up with the site.
This is the 2nd short sale this week where I have received the same response from BOA. The lender cannot speak to us because the file has a red flag. The borrower is in foreclosure and we have to go through the attorney, but they won't even give us the attorney's name or name of the firm.
On the 1st short sale they asked the borrower to call in so he could get in the cooperative process and then when he did they told him the same thing. They could not speak with him because he is in foreclosure and has to go through the attorney handling the foreclosure for the bank.
I looked up the lis pendens and found the attorney's office and called them. Of course they said they could not talk to me without the client's authorization. But they are not handling short sales and we would have to go through the bank. What a circle jerk. Has anyone had any experience with this?
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You are experiencing the dreaded "litigation code". 1. Have the owner's attorney sign a "waiver of cease and desist". Sometimes that works. 2. In one case, we had to go to court with a motion to compel asking the court to make BOA talk with us so we can settle; we got it and it was successful. What a pain.
Im very interested in seeing how others on this site have handled this.
The only time this has happened to me with any bank was when the borrower had filed Bankruptcy without my knowledge. They continued to deny filing BK until I looked it up on the court system and sent it to them - then they got honest with me!
I hope this is not a new "tactic" by the banks. It seems to me banks are finding ways not to do short sales anymore. Glad our market is really picking up and short sales are dwindling very quickly!
Best of luck,
I think its only BOA.
I have gone through this. Get the seller to sign an authorization letter for you. FAX it to the lawyers. Call them again. I had this before and I kept calling and emailing the lawyers until they agreed. The cannot hinder a short sale but they sure can make up stuff just to get you off their back. I had a lawyer get so fed up of me he got the bank to okay me handling the short sale. Get the seller to write a letter demanding them to get this short sale initiated. This is not what they want, but the seller might be able to force their hand. I went through two or three foreclosure lawyers and got them all closed in the end. They are just playing the game, stalling until the foreclosure goes through.
Thank you to everyone who responded. I appreciate all the advice. So far I called the foreclosure attorney's office, send over an authorization and waiting for a response. I will be relentless until I get an answer. And....it's not only BOA it's also Wells Fargo it happened on another file today. Something has changed with these banks...so much for helping homeowners. I think we are on the last leg of short sales, which is also proven by the BILL that has been put before the governor to sign relative to foreclosures.
What bill? What state? tx
Florida
good .. do you have a bill reference # I could look up? tx cat
not good .. no wonder a judge in Brevard Co FL stated he was ordered to foreclose on 1000 homes a week - ridiculous when there are agents willing to help the situation if only the banks would approve in 30 days.
They are willing to foreclose within a few days, but not do short sales which garner them more money. The banks see short sales as a "reward" and foreclosures as "punishment". They are not in the business of rewarding. Also, it was mostly the HOA that have been pushing for this as they want their money immediately and will be the first to put a lien and start foreclosure proceedings. This is being done in Texas. Florida is following the "herd" and the governor is assuming this will take him to re-election.
SS don't garner more money in a stable upswing market. The banks buy them back for $100 and then either sell or rent.
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