Can the BOA come after a seller after you close and fund a short sale?
Of course they can, however I have not heard of anyone with that issue. I just closed my first short sale with BOA and it was not easy. let me share with you what I learned.
1. give BOA whatever they ask for, no matter how stupid it seems.
2. make sure your seller's loan number is on every document you submit, as BOA is dealing with thousands of documents, not just yours.
3. Seller cooperation is vital to this transaction becoming a success.
4. call customer service atleast every 10 days for and update. If you get the same stuff just a different day after 3 weeks it is time to move up to the supervisor of customer service. write his/her name down.
5. follow the supervisor's lead and her/his direction. If after you do everthing as you were suppose to, and still no results, start calling the corporate phone number.
Replies to This Discussion
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Permalink Reply by Katerina Gasset on
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Every 10 days? Nope, we require the lenders to be called every 5 days.
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Permalink Reply by David A. Roebuck on
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I agree with Katerina - call every 5 days, sometimes I call after only 3 days as I want to keep in touch. BUT, whatever happened to lenders not going after deficiencies???? Wasn't that part of the new rules effective April 5th and now with the new rules issued by Fannie and Freddie? I understand that if a lender has agreed to be guided by the new rules and get their little "payments" for doing short sales they have also agreed to NOT proceed on collecting deficiencies.
Or am I missing something here????? -
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Permalink Reply by Cynthia Robbins on
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forget about the rules, there are none, atleast ones that protect the homeowner. Short Sale is all about the lender and how much money they can make. I told my homeowner that is filing bankruptcy to discharge their lender and the reason is they do not want to be dealing with this in the future. This is called CYA. nothing more. BOA is not loosing a penny, and it may be a moot point now that the home is sold however, I have also learned there is some fine print floating around that not all of us have read.
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David-please see my reply above. thanks for your input.
David A. Roebuck said:I agree with Katerina - call every 5 days, sometimes I call after only 3 days as I want to keep in touch. BUT, whatever happened to lenders not going after deficiencies???? Wasn't that part of the new rules effective April 5th and now with the new rules issued by Fannie and Freddie? I understand that if a lender has agreed to be guided by the new rules and get their little "payments" for doing short sales they have also agreed to NOT proceed on collecting deficiencies.
Or am I missing something here????? -
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Permalink Reply by Margaret C. Taylor on
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According to the HAFA guidelines the Deficiency is forgiven with the HAFA process.
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Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process. -
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Cynthia,
HAFA does not apply to ALL loans but it does apply to ALL lenders that have signed up with the HAMP program and agreed to be bound by rules associated with these programs. HAFA is a 2nd part of HAMP, when mortgage modification programs can't or don't work for the homeowner there is the HAFA program to help avoid foreclosure, part of which is short sales. According to the rules these lenders are supposed to follow they CANNOT FORCE commissions to be lowered below 6%, they can if it is over 6%, but not below 6%. NOW we ALL know that if they are really coniving they will ask to lower commission to say 5% and if not agreed they will not approve the short sale for some "other reason". Stick to your guns though about the 6% and repeatedly remind them of the rules prohibiting them from lowering commission and sooner or later they will agree to 6%. I did it and it worked for me.
Cynthia Robbins said:Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process. -
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My understanding is that in the HAFA process the Realtor's commission is supposed to be protected but cannot be over 6% between Seller and Buyer's brokers.
Again my understanding is that FHA, VA, Freddie Mac and Fannie Mae loans are not for the HAFA program. This leaves private conventional loans with any lender. Please correct me if I am wrong. Margaret C.
Cynthia Robbins said:Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process. -
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Ibelieve Fannie and Freddie have just come out with their own HAFA program, very similiar to the standard HAFA, most of the rules are the same, including 6% commission.
Margaret C. Taylor said:My understanding is that in the HAFA process the Realtor's commission is supposed to be protected but cannot be over 6% between Seller and Buyer's brokers.
Again my understanding is that FHA, VA, Freddie Mac and Fannie Mae loans are not for the HAFA program. This leaves private conventional loans with any lender. Please correct me if I am wrong. Margaret C.
Cynthia Robbins said:Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process. -
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David: the short sale that I closed did not have enough money on the table for the 6% commission. BOA did reduce my commission. The transaction was FHA to FHA. The shortage came in with the buyer's and seller's incentive. I am not sure why the buyer and seller get an incentive to do a another FHA transaction, since with a conventional transcation the incentive would be considered cash out and there is no cash out with a short sale. the rules are not consistent with any of these files or are they?
ite>David A. Roebuck said:Cynthia,
HAFA does not apply to ALL loans but it does apply to ALL lenders that have signed up with the HAMP program and agreed to be bound by rules associated with these programs. HAFA is a 2nd part of HAMP, when mortgage modification programs can't or don't work for the homeowner there is the HAFA program to help avoid foreclosure, part of which is short sales. According to the rules these lenders are supposed to follow they CANNOT FORCE commissions to be lowered below 6%, they can if it is over 6%, but not below 6%. NOW we ALL know that if they are really coniving they will ask to lower commission to say 5% and if not agreed they will not approve the short sale for some "other reason". Stick to your guns though about the 6% and repeatedly remind them of the rules prohibiting them from lowering commission and sooner or later they will agree to 6%. I did it and it worked for me.
Cynthia Robbins said:Margaret: does HAFA apply to all loans? How does it feel about a Realtor's commission?
Margaret C. Taylor said:According to the HAFA guidelines the Deficiency is forgiven with the HAFA process. -
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