Has anyone been successful in getting BOFA to rescind/reverse a foreclosure while it was in short sale review?
Has anyone been successful in getting BOFA to rescind/reverse a foreclosure while it was in short sale review?
I've had quite a few agents in town saying BOFA is foreclosing instead of doing the shorts and giving no forewarning.
Replies to This Discussion
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Permalink Reply by Laurie Clark on
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Dawn, did you ever get the file rescinded? I called 1800 972-7555 prompt 1,2,6. They set up an inquiry and the eviction attorney called me. I sent her proof of the approval and she forwarded it to Freddie. The person however is no longer in that department so it was assigned to Monica with Freddie. The eviction attorney's office has left her a voice mail and email along with the first person assigned. I followed up with a phone call to the above number and she had to give me a new inquiry number and emailed Monica as we spoke. The buyers told their agent if it is not rescinded today they are walking.
Not to add extra pressure to the almost impossible! I really feel like this file will get rescinded as the eviction attorney took it out of their books in order to fix this. I sure pray to the lord above to get the papers for a rescind today.
Brigitte Powell said:Amen!
Sam Purtle said:My two cents:
1. Something has to be done about this crap. Why are we helping out Bank of America by sending them short sale offers if they refuse to work in good faith? Over and over again it is the same story. Short Sale Demand Letter is received and it states specific terms which need to be completed in order to close the transaction. All terms met and closing at escrow occurs, monies are wired and then the property sells at auction. Or the alternative: short sale demand letter received and during the purchaser due dilligence period and before COE the property sells at auction although a postponement has been granted by the investor.
The solution to this mess is this - suspend the foreclosure auction until after the short sale demand letter timeline expires. pretty simple you would think.
The alternative solution is just to stop doing short sales with Bank of America and letting the million plus homeowners who are in default with them foreclose. They could save a tremendous amount of money by shutting down all of their short sale departments and breaking ties to Equator.com.
What I find humorous is their recent webinar where they are so upbeat and indicating that everything has changed, they are streamlining their processes, etc..... what a load of $$%$%@ -
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Permalink Reply by Ben Benita on
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Getting it rescinded AFTER the fact is very difficult, particularly if the ivnestor on the note is Fannie or Freddie, or, if there is mortgage insurance.
In some of these cases, they actually make LOTS more cashola foreclosing on the home (wouldn't it be GREAT to know that up front)...
This is a prime example of why it pays to pre-screen your Seller and the situation at hand....we cover this in our book....again, there ARE occaisions where it is in the Seller's best interest to let teh home go to foreclosure and compelte a strategic default.... -
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They are gong to rescind mine. I received this email today. "I am still in the process of getting the issue resolved in regards to the foreclosed property. As soon as I have an update I will advise. "
It has to close by the 25th because the buyers signed the contract for this date. They said they were walking but they signed the extension. I guess if they ever had a problem with their loan to purchase and it was made known the the sellers, the sellers can't say,"well we are not selling to you because you have some problems with your loan. What closing are smooth these days. Their is always something. BOA takes the cake but we are not at contractual deadline.
BOA is working the file and it will get rescinded. I gave them everything on a silver platter showing clear precise documents of the error and went to every channel and avenue I could, and thanks to my new found friends here, we all support each other and offer what we have done , what works , what does not and so on. I really believe the best thing I did that day was call Brian and he recommended this site. It really got things popping and sizzling.
Just want to add, the same negotiator that was quik to email me back saying Freddie won't rescind is the one that sent me this email today. I can see that things working from the High up to down the chain , the put the file back in her hands. I hope I get a rescind in the morning.:) -
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Laurie, by "rescission", the home HAS already gone to foreclosure auction, Freddie took it back, and now they are willing to let you move forward with the short sale correct?????
Please do keep us posted on whether or not they pull this back and let you proceed to closing.
Not what you want to hear (but I do not operate in the telling people what they "want" to hear business), but, I have had similar "we are working on it" conversations that would not have come to fruition had I not been a TOTAL PAIN IN THE ______ with them.
Laurie, it sounds like you are not going to let this go and I sincerely hope that proves true. If you need additional contacts, shoot me a quick e-mail, [email protected], and we can talk.
Sam -- the 2 webinars B of A has done on the HAFA program and promoting themselves, just PR bull_______. I listened in on both of those calls as well and could NOT get in to ask questions and call them out on the process...wonder why that is? Also wonder why they do not advertise these calls to Sellers, only to agents?
As we ALL know, B of A is a REAL pain in the buttocks, but, from a business point, being that THEY MAKE MORE MONEY DRAGGING OUT THE PROCESS AND GETTING PAID TO SERVICE THESE NOTES.......they are actually geniuses.....they can dragout this process like no other, while at the same time telling John Q Public "Call us, we care, we are here to help"!!!!
Anyway, to all, keep fighting!!!! -
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Permalink Reply by Brigitte Powell on
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Ben, what do you mean they make more money foreclosing? I want to learn as much as possible (have no idea why I'm a glutten for punishment/blame it on my mother) Would you please tell those of how how and why? Thank you! :-)
Ben Benita said:Getting it rescinded AFTER the fact is very difficult, particularly if the ivnestor on the note is Fannie or Freddie, or, if there is mortgage insurance.
In some of these cases, they actually make LOTS more cashola foreclosing on the home (wouldn't it be GREAT to know that up front)...
This is a prime example of why it pays to pre-screen your Seller and the situation at hand....we cover this in our book....again, there ARE occaisions where it is in the Seller's best interest to let teh home go to foreclosure and compelte a strategic default.... -
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Brigette -
FACT -- for some loans with Freddie Mac, they actually get almost $1.80 back for every dollar lost through foreclosure via TARP funds.....YEAH, our tax dollars hard at work!!!
I learned this through an "off the record" conversation I had with a VP at Freddie Mac in their Chicago office after escalating a file.....numbers were VERY clear, we had a great offer in and they REFUESD to stop a auction.
Being a TOTAL PAIN IN THE ______ (believe it or no I happen to be good at fighting for the Sellers and agents I work with, having gone through this same thing about 5 years ago), I kept calling and bugging people at Freddie until I learned the above. Obviously I was not happy about it, BUT, this stuff is much much much easier to take when you know why they make these seemingly foolish decisions.
Eample:
If Freddie Mac lost $100,000 of what they were owed via foreclosure, they actually are reimbursed as much as $180,000 through TARP funds once the property is sold as REO....how about them apples?
FACT - with loans that have mortgage insurance (MI), the investor gets whatever they can at foreclosure, PLUS any monies for which they are owed via insurance. I have been told the amount they receive is anywhere from 30% of their total loss to 110% of their total loss.
Let's do some math. In some cases, again, they make more money foreclosing:
Example:
$300,000 - the amount owed to the investor. Remember, this is the group that actually funded the loan (Fannie Mae, Freddie Mac, Brigitte Powell Pension Fund, etc.), NOT the Servicer, the company we deal with on short sales and who your Sellers write their checks to)
$200,000 - the short sale offer you got on a home worth $200,000 -- seems like a good offer and that they SHOULD accept it
Much to your surprise, your short sale gets declined and the investor takes back the property at foreclosure.
House sells as an REO four months later for $200,000 (yes, the exact same offer you had given them)
With MI, the investor would receive the $200,000 from the REO sale, PLUS, as an example, they would get 30% of the monies they lost on the note, or:
30% of their $100,000 lost = $30,000
NET to them would then be $200,000 from foreclosure, PLUS, the $30,000 they get from the MI.......$230,000 in total
Again, with cases like the above, you are almost doomed from the get go......if you can get these detailed numbers when you first begin the short sale process, you can save yourself LOTS of time and hassle.....
The BIGGEST downfall of course to the above, and I know Bryan Tutas would agree:
YOU WOULD NOT GET TO BE ON THIS BOARD ASKING QUESTIONS!!!!!
:-)
I wish everyone continued success on the short sale battlefields!!!! -
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thanks Ben...I just keep repeating WOW!!!
So, hypothetically, there is a 2 bedroom with a den in a nice family neighborhood with homes that have approx same and higher square footage 2,500......BUT with three - five actual bedroom and in some cases 3,300 square feet, and most have a basement/some finished. Seller's investor is Freddie Mac. Most of the homes that sold in this small subdivision sold for 113.00-122.00 per square foot.
There is an offer of 305,000 on the table . Negotiator said that MI co. countered with 340,000 and seems to be holding there. Buyer is not asking for any concession and has done Home Inspections with no requests to repair AND has had bank do appraisal which came in at 328,000 ( tax assessment is 330,900) - Seller bought it in 2007 for 399,900 and got 3% in closing cost and financed 100%. :-) I'm getting the picture now. It sure looks like this one is probably a waste of time
Ben Benita said:Brigette -
FACT -- for some loans with Freddie Mac, they actually get almost $1.80 back for every dollar lost through foreclosure via TARP funds.....YEAH, our tax dollars hard at work!!!
I learned this through an "off the record" conversation I had with a VP at Freddie Mac in their Chicago office after escalating a file.....numbers were VERY clear, we had a great offer in and they REFUESD to stop a auction.
Being a TOTAL PAIN IN THE ______ (believe it or no I happen to be good at fighting for the Sellers and agents I work with, having gone through this same thing about 5 years ago), I kept calling and bugging people at Freddie until I learned the above. Obviously I was not happy about it, BUT, this stuff is much much much easier to take when you know why they make these seemingly foolish decisions.
Eample:
If Freddie Mac lost $100,000 of what they were owed via foreclosure, they actually are reimbursed as much as $180,000 through TARP funds once the property is sold as REO....how about them apples?
FACT - with loans that have mortgage insurance (MI), the investor gets whatever they can at foreclosure, PLUS any monies for which they are owed via insurance. I have been told the amount they receive is anywhere from 30% of their total loss to 110% of their total loss.
Let's do some math. In some cases, again, they make more money foreclosing:
Example:
$300,000 - the amount owed to the investor. Remember, this is the group that actually funded the loan (Fannie Mae, Freddie Mac, Brigitte Powell Pension Fund, etc.), NOT the Servicer, the company we deal with on short sales and who your Sellers write their checks to)
$200,000 - the short sale offer you got on a home worth $200,000 -- seems like a good offer and that they SHOULD accept it
Much to your surprise, your short sale gets declined and the investor takes back the property at foreclosure.
House sells as an REO four months later for $200,000 (yes, the exact same offer you had given them)
With MI, the investor would receive the $200,000 from the REO sale, PLUS, as an example, they would get 30% of the monies they lost on the note, or:
30% of their $100,000 lost = $30,000
NET to them would then be $200,000 from foreclosure, PLUS, the $30,000 they get from the MI.......$230,000 in total
Again, with cases like the above, you are almost doomed from the get go......if you can get these detailed numbers when you first begin the short sale process, you can save yourself LOTS of time and hassle.....
The BIGGEST downfall of course to the above, and I know Bryan Tutas would agree:
YOU WOULD NOT GET TO BE ON THIS BOARD ASKING QUESTIONS!!!!!
:-)
I wish everyone continued success on the short sale battlefields!!!! -
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Brigette -- it is a VERY tough pill to swallow, but yes, you may be looking at an uphill battle (most MI companies give you straight "We need this or no deal" responses.
Knowing some of this makes me question why we even bother, PARTICULARLY WHEN WE NOT ONLY HELP THE HOMEOWNER, BUT, ACTUALLY HELP THE BANKS CUT THEIR LOSSES!!!!
End of the day, we are also helping the banks, doesn't that feel good!!!
Anyway, if I were you, I would go to the "top of the food chain" as best I could, with B of A, and see if I could get some no BS answers.
If you have the time, making the same calls to Freddie Mac will get you no BS answers as well......but, it can be VERY challenging getting the person on the other end of the phone to let down his/her guard...approach it as:
"Hey, I understand you will be taking back this home b/c it benefits you to do so versus a short sale, however, just so I can explain to:
My broker
My Seller
The Buyer
The Buyer's agent
the title company
etc.
WIll you please explain to me the reason for your decision.....something along those lines will work.
hang in there....it ain't over until it's over!!!! -
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:-) Tell me again how are we helping the home owner? I can see that we are doing the ground work for the investors.
Will let you know how it turns out. Should know much more by the end of next week. Thanks for the advice, will take it gratefully :-) 'till next time
Ben Benita said:Brigette -- it is a VERY tough pill to swallow, but yes, you may be looking at an uphill battle (most MI companies give you straight "We need this or no deal" responses.
Knowing some of this makes me question why we even bother, PARTICULARLY WHEN WE NOT ONLY HELP THE HOMEOWNER, BUT, ACTUALLY HELP THE BANKS CUT THEIR LOSSES!!!!
End of the day, we are also helping the banks, doesn't that feel good!!!
Anyway, if I were you, I would go to the "top of the food chain" as best I could, with B of A, and see if I could get some no BS answers.
If you have the time, making the same calls to Freddie Mac will get you no BS answers as well......but, it can be VERY challenging getting the person on the other end of the phone to let down his/her guard...approach it as:
"Hey, I understand you will be taking back this home b/c it benefits you to do so versus a short sale, however, just so I can explain to:
My broker
My Seller
The Buyer
The Buyer's agent
the title company
etc.
WIll you please explain to me the reason for your decision.....something along those lines will work.
hang in there....it ain't over until it's over!!!! -
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Permalink Reply by Rezaul Huq on
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Mine wasn't a short sale. Wellsfargo told me I qualified for a loan modification. I was working with them and then one morning I Realtor comes to my house and told me my house was foreclosed on. I called Wellsfargo and apparently there was no communication to the foreclosure dept to stop the sale. I've been litigating for almost a year. Their lawyer offered me a deal, which was crazy, but I took cause I wanted to keep the house. I was going to dismiss my case 1 day before the deadline, then the lawyer said Fannie Mae wasn't getting back to him so no deal. I was advised to dismiss and a deal would be more likely to go thru. I did. One week later they said they would refuse to deal. I am now looking for another lawyer with exp. in Fed. court to sue them again to get my house back. Any suggestions would be appreciated. Also some of you are contacting the white house, senators, agencies, etc. If you could send me what you are doing so I could also do the same, it would be appreciated. I really need your help.
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Permalink Reply by Dawn Barrier eXp Realty Vegas on
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Laurie,
What ever happened with yours?
No, Freddie Mac/BOFA foreclosed and I went up the chain and around, trustee everything and they still foreclosed after BOFA had said it would be put off and they would not rescind it. This was a file that had been thru Titanium too. The day after they foreclosed I got a call from agent in my own office that listed it!! So fast, the agent said they probably knew they were going to foreclose for a while and just led us on.
Laurie Clark said:Dawn, did you ever get the file rescinded? I called 1800 972-7555 prompt 1,2,6. They set up an inquiry and the eviction attorney called me. I sent her proof of the approval and she forwarded it to Freddie. The person however is no longer in that department so it was assigned to Monica with Freddie. The eviction attorney's office has left her a voice mail and email along with the first person assigned. I followed up with a phone call to the above number and she had to give me a new inquiry number and emailed Monica as we spoke. The buyers told their agent if it is not rescinded today they are walking.
Not to add extra pressure to the almost impossible! I really feel like this file will get rescinded as the eviction attorney took it out of their books in order to fix this. I sure pray to the lord above to get the papers for a rescind today.
Brigitte Powell said:Amen!
Sam Purtle said:My two cents:
1. Something has to be done about this crap. Why are we helping out Bank of America by sending them short sale offers if they refuse to work in good faith? Over and over again it is the same story. Short Sale Demand Letter is received and it states specific terms which need to be completed in order to close the transaction. All terms met and closing at escrow occurs, monies are wired and then the property sells at auction. Or the alternative: short sale demand letter received and during the purchaser due dilligence period and before COE the property sells at auction although a postponement has been granted by the investor.
The solution to this mess is this - suspend the foreclosure auction until after the short sale demand letter timeline expires. pretty simple you would think.
The alternative solution is just to stop doing short sales with Bank of America and letting the million plus homeowners who are in default with them foreclose. They could save a tremendous amount of money by shutting down all of their short sale departments and breaking ties to Equator.com.
What I find humorous is their recent webinar where they are so upbeat and indicating that everything has changed, they are streamlining their processes, etc..... what a load of $$%$%@ -
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Permalink Reply by Richard Scott on
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I am the recent victim of an accidential forclosure and sale. I need to find an expert in the area to help me out. I have already hired a lawyer $ 10,000 Now they want to evict me from my own home. It just seems like there is no way to go back, Even the courts don't seem to care. I need help ASAP if anyone is out there.
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