Comment

Comment by Barb Schlinker on July 12, 2013 at 3:21pm

Bank of America did a service release on the file to Nationstar then issued an approval letter short of enough time for the buyer to obtain a new VA loan.  Of course they failed to tell me about the service release until after it was too late to get an extension. Bank of America will not make an exception to extend the approval deadline from July 17- July 22.  Service Release is on Aug 1.   This is a military service member who was victim of Equity Skimming.  BofA participated with these criminals by sending all statements to them.  The soldier did not even know it was in default for 2 years when the junior lien collector called him.   Those criminals  just plead guilty to an FBI case: WalkAwayToday/HomeAdvocateTrustees.  The soldiers credit is destroyed.  And BofA is transferring the file to Nationstar and forcing me to start all over again.  It is unconscionable Bank of America would do this to one of our service members when we have a ready/able buyer, appraisal done, etc.  I escalated to the "Presidential Team" who just sent the same request back through the same players with the same answer - "no".  I used to have good luck with Bank of America files. What happened to them?  Any ideas would be appreciated.  I guess I have to escalate to Congress.

Comment by Jilly on July 11, 2013 at 12:20pm

Thanks Kyle!  (I was scanning for the word deficiency I guess.)

Comment by Kyle Souza on July 11, 2013 at 11:44am

page 15 section p -

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation

 

of "Mortgagee Letter 2008-43"

Comment by Jilly on July 11, 2013 at 11:36am

The document does not directly address defeciency as far as I can see.  

The best I could find was an excerpt referenced below.   

A PFS sale must be an outright sale of the property. If a foreclosure occurs after the mortgagor unsuccessfully participated in the PFS process in good faith, neither the mortgagee nor HUD will pursue the mortgagor for a deficiency judgment.

Comment by joe beauchamp on July 11, 2013 at 10:54am

If you really have FHA, their reasoning for some screwy demands is that the short sale is a gift of releasing the deficiency. Go back to the Mortgagee letter sent at the beginning of the process, although all I found was reference that a good faith effort to sell the property, even with foreclosure, the seller will be released - I did not see in it specifically that a successful sale will release the debt - but it is there somewhere in the HUD rules. It is not in the approval letter or the ATP.

Comment by Jilly on July 11, 2013 at 10:01am

I have a BofA FHA short sale about to close. I have not seen the typical form releasing seller from deficiency.  There are still potential 1099 tax but the release/ promise not to chase the borrower is nowhere I can see. Anyone?

Comment by Ann Howard on July 11, 2013 at 8:39am

This is a standard form from Bank of America letting everyone know they are not the property owner but the servicer or mortgage lien holder. If they approve the short sale the commission will be paid.

Comment by Sunnie SanLorenzo on July 11, 2013 at 7:10am

Anyone seen the BofA  Short Sale Real Estate Licensee Certification that in paragraph 1. it says"... Bank Of America is in no way responsible for paying any real estate sales commission."  The listing agent sent it over and BofA wants my agent to sign it-   The listing agent was surprised too, but does not know what to do. Since you guys are BofA pros, maybe this is just a regular form? 

Comment by Wendy Rulnick on July 9, 2013 at 10:40am

Pattilynn- Thank you! They finally agreed to go out and re-change the locks! 

Comment by Pattilynn Guilford on July 9, 2013 at 8:56am

Wendy - call Safe Guard Field Service Team:

(800) 852-8306

Fax - (800) 520-5019

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