Lost one to foreclosure..This is a Gripe
I am sooo frustrated..Just lost one to foreclosure that we thought was accepted. 6/16/10 we accepted as-is the counter offer in Equator. The foreclosure date was set for 6/30/10. I requested B of A postpone foreclosure date so we could close escrow. The negotiator did request at least twice. I called several times to follow up and got the boiler plate response...there is nothing we can do... The offer was $131,000. The Investor never responded and today it went on the auction block with an opening bid of $97500!!!! Unbelievable! I called the executive office and did get someone that spent about 45 minutes trying to stop the sale, but it just didn't happen.
I have trouble sleeping when this happens....tell me again why we are doing short sales???? Oh yeah, it is all that is happening besides the REOs!!!!
Equator does not get my vote, nor does B of A. Fannie Mae is down on the list too.
Replies to This Discussion
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Permalink Reply by Deidre St. Romain on
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Dear Gwen: I totally sympathize as this happened to me last week. When I questioned why by of course BOA, they said that it is totally up the trustee as to whether or not they postpone the sale and we have NO power - meaning them and us the Realtors...it makes no sense whatsoever but then again not a lot makes sense with these short sales. The best we can do is support each other, share our experiences and get lots of education on a continuing basis. I learn something new at least once a week as a result of education and sharing with all of you! Chin up girl I know you feel bad but sometimes there is nothing we can do in spite of all our efforts!
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Permalink Reply by Gwen Mark on
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Thanks Deidre, I appreciate the support..
Deidre St. Romain said:Dear Gwen: I totally sympathize as this happened to me last week. When I questioned why by of course BOA, they said that it is totally up the trustee as to whether or not they postpone the sale and we have NO power - meaning them and us the Realtors...it makes no sense whatsoever but then again not a lot makes sense with these short sales. The best we can do is support each other, share our experiences and get lots of education on a continuing basis. I learn something new at least once a week as a result of education and sharing with all of you! Chin up girl I know you feel bad but sometimes there is nothing we can do in spite of all our efforts! -
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Permalink Reply by Paul Kuriatnyk on
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Gwen,
I have had this happen at least 4 times. I call the trustee directly and explain in detail that the extension has been requested by BOA, that we have agreed to all terms, and now are just waiting on final approval to close. The trustee has always waited to record until confirmation from BOA, then reversed the sale, allowing me to complete the shortsale and close.
-Paul -
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Permalink Reply by Stephen Shafer on
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I lost one also with B of A as it was deleted 7 escaled to foreclosure after the negotiator( I donot like using the term with B of A) perhaps drone is more apt deleted the file due to closing cost but no specics. I was bounced back & forth trying to rescind but got no where. I drove from Pasadena,Ca to my client 400 miles to speak with her as she was moving. The local storm trooper broker had posted the house. I called him to remind him that CA has laws protecting homeowner's and that she was represented by a law firm & to send all communications to us. The slime ball went over on Mon. while she was at work, changed the locks & called the house abandoned. One of her neighbors notified her so we were able to get him over there to give her keys. I am in the process of filing a complaint with the DRE and going after his liscense. I tell my CA clients not to move right away, and go for the re-location money.
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Permalink Reply by Julia Fishel on
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Gwen,
BofA, Fannie - it's all a twisted stew pot. I posted on this site today seeking help with a BofA/Fannie Mae urgent situation - with one thoughful reply and another from a condesceding guy that suggested it was my fault after a year and a half that the short sale wasn't approved. After having 40+ short sales approved - many with BofA and Fannie as the investor - I am having trouble making sense of it. One approved this week and another denied (previously approved in Nov. 09 at $90,000 less). I'm wondering why we should ever list another BofA sale backed by Fannie. I think if we all started saying no to these lisitngs .. maybe .. just maybe .. they'd start to wake up. Though I must be dreaming. And for what it's worth, I feel your pain and understand your gripe. Let's just hope you don't get a reply from the guy on this site that will suggest it's all your fault (like I did)....
Julia -
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Permalink Reply by Kimberley Kelly on
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How do I find out who the Investors are? Is there a website? And by the way, shame on that guy for suggesting it was your fault. If you are working your Shorts and following up, it is NOT your fault!
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How do I find out Trustee Company?
Paul Kuriatnyk said:Gwen,
I have had this happen at least 4 times. I call the trustee directly and explain in detail that the extension has been requested by BOA, that we have agreed to all terms, and now are just waiting on final approval to close. The trustee has always waited to record until confirmation from BOA, then reversed the sale, allowing me to complete the shortsale and close.
-Paul -
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How do you find out who the Trustees are?
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3 easy ways:
1. The bank should tell you who the trustee is and provide a contact number.
2. It will be on the correspondance mailed to the borrower and/or posted on their door.
3. Some notices prior to "Notice of Trustee Sale" are recorded and should be available on the public Auditor site. I usually start by searching the Auditor to get a history of my client :)
Kimberley Kelly said:How do you find out who the Trustees are? -
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Here is a Blog that is addressing the recent Fannie Mae insanity..
http://activerain.com/blogsview/1576094/fannie-mae-no-longer-postpo... -
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Az has the info on the Tax assessor record. The name and phone number of the company is there. Recon Trust handles most of ours. They have a web site that will tell who, what and when the auction is and the opening bid. You can go back later and see what it sold for and if a 3rd party or the bank got it back. You can also click on the deed number on the tax page and it will bring up the new warrenty deed for the trustee which will tell you Investor.
Paul Kuriatnyk said:3 easy ways:
1. The bank should tell you who the trustee is and provide a contact number.
2. It will be on the correspondance mailed to the borrower and/or posted on their door.
3. Some notices prior to "Notice of Trustee Sale" are recorded and should be available on the public Auditor site. I usually start by searching the Auditor to get a history of my client :)
Kimberley Kelly said:How do you find out who the Trustees are? -
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