Comment

Comment by Dianne Slutsky on October 11, 2013 at 6:59pm

The property is in California and there was no MI

Comment by Kevin - Greenville, SC on October 11, 2013 at 6:32pm

Depends on the type of Loan if there is MI and what State the Property is located in for the bidding instructions.

Here is Freddie Mac's - http://www.freddiemac.com/learn/pdfs/service/fcl_bidding.pdf

Comment by joe beauchamp on October 11, 2013 at 6:09pm

Dianne, they don't need an appraisal for a sheriff sale. Often they list it at what is owed then "buy" it themselves, paying the sheriff fee.

Investors have their time deadlines - if you offer $1MM for a $100K place, it won't make an inch of diff to them. You could do a whole lot more if you had an approval, but you haven't started if you don't even have a BPO/appraisal.

If your seller really didn't get loan mod notification (I think 9.5 out of 10 sellers trash letters from the bank or shelve them), you might properly execute a QWR adding questions about the loan mod. Some things stop when between receiving and responding to a QWR. If you find that they left your seller hanging on the loan mod, and I doubt that they did, that could give you good cause to complain. You could bring in a state senator with that info, probably, to talk with the bank.

You are looking at some serious stretching here - this is pretty well cooked otherwise.

Comment by Dianne Slutsky on October 11, 2013 at 5:28pm

Thank you for responding. I have tried to escalate it & am still being told that it is too close to sale date because investor claims not enough time for a valuation. I told them if you are going to sale you must have a valuation. I will tweet BofA and keep trying to get a postponement. Our offer is a fair price & above the minimum posted on Foreclosure Radar website

Comment by Ann Howard on October 11, 2013 at 12:33pm

They should be able to stop the sale if you have an offer. In California you can stop the sale up to 5 days prior to auction. Have you called customer service? There should be a supervisor to speak with. Seems to me unless the offer is a low ball, they should be willing to look at the offer.

 

Comment by joe beauchamp on October 11, 2013 at 12:30pm

Dianne, you can call the SS dept and hit 5 for escalated files instead of 1, however, tweeting @BofA_Help is probably the fastest and best way to get BofA's attention.

Comment by Dianne Slutsky on October 11, 2013 at 11:34am

My client has been trying for a modification for over a year and received a Notice of Trustee sale on October 1st.  Client never received a formal rejection of loan modification.  Does Bank of America still offer borrowers option of doing a short sale.  Sale date is October 22 & we have an offer but BofA is saying it is too late for a short sale.  Is there a contact person or number that we can contact to allow us time to initiate a short sale & avoid foreclosure?

Comment by Dean E Eshelman, CPA, CDPE, IRES on October 11, 2013 at 6:30am

Jon Batten, A mod that raises the monthly payment can be appealed. Of course you would need to look at the reason for the increase. Is it because of insurance and tax escrows and did the actual monthly prin and Int go down? If you have the denial letter, the home owner has 30 days to appeal. That should continue to hold off setting a foreclosure date. On mine the mod was reinstated and the p & I reduced and the delinquent amount was added to the back of the loan. Of course B of A admitted they were in error in stopping to accept the mod payments.  Anyway once the appeal is denied then you should be able to do a SS as the waterfall would be complete.

Comment by Jon Batten on October 11, 2013 at 4:03am

Client has a USDA loan serviced by BofA. They applied 5 times for a mod and were turned down 5 times. They applied for a 6th time, got the run around about the status so ended up giving up and moved out to a rental. They called me to start the SS process. BofA wouldn't entertain a SS bc of open Mod app.  Then BofA approved the mod out of the blue so per BofA the client doesn't qualify for SS. The mod raises their monthly payment by $50 per month. They are not going to accept, of course. BofA will not be clear with me what happens now. Since it has been rejected does BofA move directly to Foreclosure? They say there is not a path to SS from here but they are very vague and don't say anything with any level of confidence. Im caught in a loop, can anyone provide guidance?

Comment by Donna Clayton, Broker, MBA on October 10, 2013 at 12:01pm

Is the property vacant? If so, The mortgagee has the right to engage a preservation company to protect their collateral. But don't worry, this should not be cause for concern to you. If they change the locks, you are entitled to receive a copy of the keys since you are still the listing agent. You will just need to find the right contact at Bank of America who can authorize the preservation company to give you a copy of the new keys.

• ‹ Previous
• 1
• …
• 9
• 10
• 11
• 12
• 13
• …
• 353
• Next ›
• Page