BAC Declined short sale because it failed Quality Review: Could not validate critical terms and/or conditions valid to support the offer.
I have 3 files that have been declined by Bank of America because they failed Quality Review. The only response is the generic one that states that the the terms and conditions of the offer were not met. No other information could be given. We have already escalated this file to upper management and to the supervisor of the QR department. So far, we have not received any help as to why the contracts terms and conditions could not be validated or what it means!!! One file, we were already issued an ATP but the Neg (the 2nd Neg assigned!) issued the ATP with the incorrect value so we had to resend in all the documents to get the ATP fixed and escalated. Then they said that it failed QR! With no answers from Bank of America, has anyone dealt with this issue and where you able to get a resolution? Please help! I have one property with a foreclosure sale date of 3/7/2014 and if the file isn't in the offer analysis phase, I am concern that they will foreclose on this property.
Replies to This Discussion
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Permalink Reply by Wendy Martin on
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Hi Staci, Every single FHA short sale with BofA has been a nightmare for me and most of us. I have one now going on 12 months (have an offer now at their ATP value for 9 months). The ONLY way I am keeping sane is by keeping in constant contact with my HUD rep. She has verified every lie BofA has told me and every time they try to kill the file I have info from HUD that calls them on their s**t and they move forward, albeit at a snail's pace. It began with a battle when they wouldn't let me initiate the short sale and the latest is I kept reminding them to get a variance to extend the ATP and appraisal. What they did instead was order an exterior BPO (house is a fixer which had a water main break last year) which of course raised the value. I contacted everyone up the food chain telling them exactly when HUD extended the ATP and appraisal and they backed down. They will try ANYTHING and EVERYTHING.(I have had 6 negotiators in one year and each time I had to start OVER)
My HUD contact says every bank and servicer other than BofA will comply with their requests/demands within 24 hours. BofA does NOT care. HUD has no recourse except to flag the files which makes the bank more susceptible to audits. Again, they do not care.
The ONLY way I get these closed is with help and guidance from HUD after many years of being bullied and lied to by Bank of America.
Get someone outside the bank on YOUR side.
I hope this helps. No one deserves this treatment, especially when we're just trying to help people. Good luck!
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Permalink Reply by Staci on
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Hi Wendy. Thank you for that input. One file is FHA, one is Freddie, and the other is a private investor. I have reached out to HUD on ALL my FHA files because there is always an issue with the servicer. Bank of America is the worst so far but this new thing of declining the file because the contract's terms and conditions could not be validated is new. The contracts all have the same language and the Buyer's agent pulled them from his NC REC forms website so I don't know why the contract itself could fail review. Usually the Neg would tell me that I have to include a FHA verbiage, etc. This time, all the offers I've sent in are being rejected without an explanation. How am I supposed to know to correct it if they don't tell me what is wrong with it!
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Permalink Reply by Rebecca McKenna on
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I just had this happen to me too! Short sale approved, seller signed and when I went to upload the HUD for final approval my file was gone and the same generic message.
You are welcome to email me with your number and I will call you!
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Permalink Reply by Fred Bauscus on
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Have you called the Short Sale escalations? 866-880-1232 option 5. They can take a look and hopefully provide some additional details. They can apply pressure to the owner of the file to call you and escalate at the same time.
But I'm wondering if it could be some kind of system issue as well. -
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Permalink Reply by ElizabethWeintraub00697006LyonRE on
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This sounds like a system failure because Bank of America recently instated new regulations to comply with CFPB rules. You might reinstate the file in Equator if withdrawn and send a Tweet to Bank of America. Here is also a link to the CFPB and it has a site for reporting problems as well: http://www.consumerfinance.gov/askcfpb/290/what-is-a-short-sale.html
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