Comment

Comment by Debbie Franklyn on June 29, 2010 at 11:47am

No, mortgage is Fannie. New buyer is VA and we asked B of A to pay for closing costs of $8500.

Comment by Ben Racela on June 29, 2010 at 11:45am

I'm a little confused? Is the mortgage in trouble VA or Fannie Mae?

Comment by Debbie Franklyn on June 29, 2010 at 11:34am

Ben, I think the issue is that this is a VA sale, and they are being asked to pay $8500 in closing costs for the borrower.

Comment by Ben Racela on June 29, 2010 at 11:13am

Debbie. Some lenders will not contribute any funds towards the HOA. I have seen where if the 2nd is with the same lender all proceeds will be towards the 1st mortgage. Just based on what you have written the BPO apparently came in higher than your offer. You will need to challenge the BPO by submitting two comparables and a recent CMA. That may help with your counter.

Comment by Barbara A. Hill on June 29, 2010 at 10:43am

I am finding that working with FNMAE is not easy. That are not very realistic. Fannie and Freddie are not doing good. Guess they are trying to make in up on a couple deals! GEEZ!

Comment by Debbie Franklyn on June 29, 2010 at 10:37am

HELP! B of A says they will not give any credit to the 2nd lien, third lien is an hoa and will not credit them anything also. Reduced commission from 6 to 5. I learned it is a FNMAE loan, so am countering back to 6%. Neogiator in an email says there is no way they will budge on his net. We are apart about $14,000. I called Fnmae - the # that Ben gave us - no help at all. Office of the President at B of A says they do not get involved in this. To whom can I turn? HELP!

Comment by Barbara A. Hill on June 29, 2010 at 8:06am

I hate to say it but it is a sign of the times that the Government does not want people owning property. Look around and see what is happening. This Country is on the verge of becoming Communistic now and we are in a fight to stop the "New World Order" from taking over. Thousands of Homes Foreclosed on and where are the majority of them? Not on the market for sale? Why? I have started working with a team of Loss Mitigation Attorneys that are Nationwide to help people stay in their homes through loan Restructuring. They are having great results. It cannot help everyone but it is helping a lot of people and we have to beat these Darn Bankers at their own game one way or the other. I also have a wonderful source to help Commercial Property Owners. Several Services to help Commercial to include Private Financing. If anyone would like to have more info regarding the above please let me know. I will be happy to share the information. We have to be proactive and help our current and future Clients.
Good Luck!
Barbara

Comment by larry lessin on June 29, 2010 at 7:29am

I need some advice. As you can see from my original posting last year I have family member who was willing to purchase my property so I could continue to live in the house. After many months a negotiator at BOA approved the deal. In no way did we cover up the fact that a family member was the one purchasing the house as a matter of fact this family member has the same last name as me and we tried to cover nothing up. We thought it was a done deal and we were just waiting on the investor to approve the deal. Well when the investor realized which we confirmed that the purchaser was a family member, the investor countered at a offer 60,000 above what the negotiator agreed to. We felt this was ridiculous as we felt we had a offer at fair market appraised value, all cash no contingencies no loan and we could settle tomorrow. If the investor had to foreclose on us they would net probably 60-75k less and it might take many months for them to sell to someone else. This was a clearly an excellent offer for the investor.
Through my attorney who is working for me she told the negotiator that counter of the investor was not acceptable and that if the investor came back with a more reasonable offer the purchaser might consider it. Well the negotiator closed the file in about 2 hours and we received a email from BOA saying our offer had been refused due to to low of a price. That shocked us but we still wanted to make the deal work. My lawyer then told the negotiator we would be willing to consider making a new counter if the investor would consider this. The negotiator told her if it was much closer to his 60k counter he would reopen the file and send it back to the investor. We came up with a higher counter and my attorney resubmitted directly to the negotiator. Keep in mind that the Equator file had already been closed but the negotiator said he would try to resubmit directly to investor.
Well after 2 weeks the first negotiator said that the file was closed and he was no longer working on the case. That hurt because we were so close and had gone through so much of the process so my attorney had no choice but to start as new file in Equator. She started a new file about a week ago in Equator and today we received word that the file was closed due to a non arms length transaction.
PLEASE OFFER ME ANY ADVCE I DO NOT KNOW WHAT TO DO
How can I get around this negotiator to a supervisor to explain that the investor is willing to accept a non arms length transaction ,or how can we go to the investor directly or somehow escalate it to someone at BOA who can help.???? I
Any advice or ideas would be greatly appreciated Thanks! Larry Lessin

Comment by Barbara A. Hill on June 29, 2010 at 6:57am

Hi Group

Does anyone have a phone number or contact either at FNMAE or a Supervisor at Auroa ? I called the number for FNMAE that Ben listed but they could not help. I have a guy at Auroa and surprise surprise he is not willing to do anything to help. I called FNMAE and was told they don't work with Agents that I would have to go back to Aurora. If anyone has any ideas I would be very grateful! Have a contract and sale date is July 6 2010

Comment by CJ Wright on June 29, 2010 at 5:37am

Proactively asking....

I just lost the 4th buyer on a BOA short sale. Investor is Bank of NY Mellon. I've put the property back on the market and will attract another buyer. Once I do, and when it's within a very short time frame, I plan to ask BOA to escalate this request based on the fact that all I am waiting on right now is investor approval for the sale sale. I know I will have to close the old Equator account, open a new and start fresh but I plan to piggy back off the old file.

Here's my question: who has experience with this approach and is there anything I need to do to be prepared in advance for that event?

thanx, cj

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