Replies to This Discussion

Permalink Reply by Kylee Roe on July 2, 2010 at 2:18pm

Greg and Elizabeth--THANKS! (even if Greg did take the BAC Magic Fairy dust) ;)

Permalink Reply by Esther M. Camarotte on July 2, 2010 at 2:23pm

I have been doing short sales for 7 years and sorry but BoA is the worst. I have closed all of them. This is the only bank where it's almost impossible to get someone on the phone to talk to. They are idiotic in their Equator system. I am currently doing 1 with Chase and yes it got bottlenecked but there was someone I could call to get it moving. I just did another one with SPS Servicing and Green Tree it only took 20 business days to get the approval letters. So for someone to say that BoA is not that bad well you must have BoA stock. BoA is the absolute worst of all the banks I have ever dealt with and yes I have even closed a BoA short sale.

Permalink Reply by Elizabeth on July 2, 2010 at 2:28pm

Did the BAC one have PMI?

Permalink Reply by Anna Boyd on July 2, 2010 at 2:30pm

Now that's different if you're talking about MGIC. I thoufht you were talking BAC. There should be FBI types, take names types - for the criminal behavior - of oourse my opinion only - of BAC. THere is so much back end payouts and deals and they "service" 80% of their loans so they can say with a smile on their face that they fully support Obama's HAFA program, knowing full well that 80% of loans they service won't sign on. I swear - I''d love to write a book.......

Greg Zajdel said:

MGIC is not that bad when you compare them to RADIAN!!! Every MI co has a tresholds, guidelines which have to be met in order to receive an approval. If their loss is much more than the "rules" say , then they start to create a problems.;)

Elizabeth said:

So now I know why so many people just let the property go to foreclosure. MGIC is tough to deal with. I guess it comes down to how much the people value their credit. You would think BAC would have some negoitation with MGIC, if I was CEO of BAC I would never send any business to them. MGIC is ruining BAC reputation as a servicer because they stop the deal in the tracks. Most people dont know this side of it.

Permalink Reply by Greg Zajdel on July 2, 2010 at 2:40pm

Hm. I donot know what to say. My experiance with BoFa is much better then Chase. Since the Equator system was implemeted I keep receiving approval after 45 days of negotiations. Try to process a short sale with PNC!!! 3 months waiting time to get a neg. assigned. Of course I had a bad exprns with BoFa. I guess we can say that Citi Mortgage is one of the best from the biggest banks out there.

Esther M. Kelly said:

I have been doing short sales for 7 years and sorry but BoA is the worst. I have closed all of them. This is the only bank where it's almost impossible to get someone on the phone to talk to. They are idiotic in their Equator system. I am currently doing 1 with Chase and yes it got bottlenecked but there was someone I could call to get it moving. I just did another one with SPS Servicing and Green Tree it only took 20 business days to get the approval letters. So for someone to say that BoA is not that bad well you must have BoA stock. BoA is the absolute worst of all the banks I have ever dealt with and yes I have even closed a BoA short sale.

Permalink Reply by Greg Zajdel on July 2, 2010 at 2:44pm

yeah , recently one of the other Big bansk with a letter " C" waned to close our short sale by sending them 3 different wires. 1 wire was supposed to to be send outside ot respa before the closing so they can change the approval letter pay off amount.

Anna Boyd said:

Now that's different if you're talking about MGIC. I thoufht you were talking BAC. There should be FBI types, take names types - for the criminal behavior - of oourse my opinion only - of BAC. THere is so much back end payouts and deals and they "service" 80% of their loans so they can say with a smile on their face that they fully support Obama's HAFA program, knowing full well that 80% of loans they service won't sign on. I swear - I''d love to write a book.......

Greg Zajdel said:

MGIC is not that bad when you compare them to RADIAN!!! Every MI co has a tresholds, guidelines which have to be met in order to receive an approval. If their loss is much more than the "rules" say , then they start to create a problems.;)

Elizabeth said:

So now I know why so many people just let the property go to foreclosure. MGIC is tough to deal with. I guess it comes down to how much the people value their credit. You would think BAC would have some negoitation with MGIC, if I was CEO of BAC I would never send any business to them. MGIC is ruining BAC reputation as a servicer because they stop the deal in the tracks. Most people dont know this side of it.

Permalink Reply by Karen Key Smith on July 2, 2010 at 4:12pm

Elizabeth that happened to me as well and what I was told that the second position many times does that for themselves and not for the protection of the customer. That is what happened on my B of A short sale that was denied because the first was with Chase and the 2nd was B of A and no one would budge.
This was a new one for me when I learned this many months back.
One thing we can say is that we are learning things that we never thought we would learn!!!!!
grateful,
karen

Permalink Reply by Elizabeth on July 11, 2010 at 12:57pm

Latest update, BAC neg. tells me that hands are tied and MGIC is the one with final answer and let seller negoitate terms directly with them. She said they are too tough to deal with. Seller is speaking with MGIC directly and they aren't budging from wanting a promissory note signed. They say it was a rental property and we dont want to take a loss. Seller had put down 80,000k for down payment, all gone and now they want more in promissory note to leave property. We find out this week, but I bet MGIC will say our terms or nothing and I told seller is your credit score worth 20,000k to you, if not walk way and never look back. At this point Fannie Mae and MGIC deserves to take the hit at foreclosure,if they are stupid enough to not take offer that is on table. Since we have been in process six months property has declined in value. IT is a war against Sellers seeking short sells when PMI is involved.

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