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B of A seemed to be getting better but seems to have taken 10 steps back in the last year. Especially on FHA. Am I the only one why can't get a final approval of an offer that fully meets the ATP? On month five now and still no approval even after escalating.
Don't you love it when you get a negotiator contradicts the way things have been done in the past? It seems lately B of A has put in newbie negotiators who don't like it when experience short sale agents do what we are trained to do. You can call the president's office to complain, or escalate through Equator, I have never heard that you are jumping the gun if you list before the homeowner receives the letter in the U.S. mail? I send my sellers the letters digitally all the time? Maybe she has not had enough coffee to wake up yet?
Gee and all of this time I thought that the sellers owns the property and the quiet enjoyment there of and the bank owns the note that secures the deed. How wrong I must have been, WRONG...this is just too messed up for words...I'd be emailing the FDIC, the OCC, my senators and an attorney, and anyone else who could do something about this...You would think that BofA is in enough hot water with their antics without creating more. Really??? Really???
Bank of America negotiator A gives me a COOP list price in writing in EQUATOR ,"Here is the list price!" we get a contract, there is a new negotiator. She says I didn't have "real permission" to list the property, as they had not issued a "letter". She is threatening to pull the file from COOP and says I jumped the gun. SHE WRITES: Hello Wendy, I already received your message from earlier this morning. Please be advised that I am on pacific time and was not in the office at 3am when you sent the first message and I have only been in the office 40 minutes thus far. Again, you cannot have a contract prior to us sending you a value letter and agreement. You jumped the gun and I'm attempting to assist you with that as opposed to telling you "no", we will not move forward which I am able to do as this is outside of the cooperative short sale guidelines whichwe must enforce." OUCH OUCH OUCH!!
Of course they will confer with their accountant. And I am not trying to give tax advise. But just as the bank generates a payoff when a traditional sale takes place, the bank should be able to generate a 1099C estimate before closing (or actual after closing which is tomorrow).
Well, no one really does tax computing until its tax time. The bank is obligated to send a 1099 C by Jan 31st so go with the vague computation. Better yet .. have your sellers confer with their CPA or tax attorney who have much more experience than a bank processor or a real estate agent.
Trying to get the 1099C amount from BofA. We are about to close a BofA FHA. My clients had a job transfer and rented the home for a year. FHA allowed them to short sell. Having properly reported the rental income on their taxes they may not be able to enjoy the protection afforded primary homeowners. (I appreciate they may well be insolvent and discharge that way, but we should still be able to get a statement from the bank.)
I have just been given only vague direction from the 1099 dept. via the closer who said
"The basic formula is Unpaid principial balance – net proceeds – incentive (if any) – prom note (if any).
Anyone??
Barb, this sort of thing has not been unusual in the last year. tweet BofA_Help to get the file back from NSTAR - This has been done before if you fight enough, etc., especially with approval in hand. Go to the investor (HUD if FHA) directly and ask for help to get it closed. You might get some traction by complaining that they are doing this to a military person - there are some special rules.
The problem and solution are clear - maybe enough to easily get a state senator involved - they seem to have some weight with these banks - although, you don't know if the bank sold the file to NSTAR or the investor pulled it from BofA - could be either. Yelling at BofA may not help as much as getting on the back of the investor - it would be good to know which (no, you can't believe the negotiator).
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