I have a valid Co-op Program approval letter, a full price offer that meets the parameters of the program, and BoA says the investor has declined the short sale due to no hardship?  How can they approve a Seller for a short sale only to have the investor decline it?

Investor is Fannie Mae, hardship is job relocation with a denial from the HOA to rent the property so it's sitting vacant.  Do they really think the Seller will continue to pay a mortgage on a property that is sitting vacant?

I've filed a dispute with Fannie Mae via the HomePath web site, but they put this Seller in the Co-op Program.  BoA says they can't help because the SS is being worked by REDC.  Of course, you know where that leads.

Any escalation suggestions?

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File a complaint with the CFPB --- there is a link on their web site. I do get a response.

I filed a complaint.  Will see what happens.

what is CFPB?

@ Wendy Smith - Consumer Financial Protection Bureau

thanks.   I wonder if CFPB would be any help on the situation with Ocwen - quite the dialogue going on over in the Ocwen group...

I am sure of one thing. You will get a response from Ocwaqueen and Altisource!

I had something very similar, BoA & FannieMae.  BOA refused to approve the final HUD.  Fannie Mae was absolutely useless.  BOA stated they did not have to honor the short sale approval.  My file finally closed but it took multiple phone calls, faxes, emails every day for about a month - I was just mortified that BOA and Fannie Mae pretty much just shrugged their shoulders at all the work that had been done, the expense the buyer went thru (the buyer also made a few repairs his appraisal required), the buyer had already given notice at the rental he was in, the seller had already vacated the property, we had written approval etc. etc.  I was determined not to give up.  It too was a coop even though it was actually supposed to be HAFA.  A mess.  Good luck to you.

Sounds like breach of contract. B of A firmed up the contract by their approval. Hope you put that in a written complaint to the CFPB. The CFPB is serious about these steps that harm consumers.

I received notification from the CFPB that my complaint has been forwarded to BoA.  My complaint did include a copy of the Co-op Program Approval Letter.  Client is an attorney, so she is checking with colleagues about the breach angle. 

What is the "Co-OP Program?

@ Jon Bank serviced and Bank is investor so the bank will Co-Operate in the short sale.

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