Comment

Comment by Cami Pinsak on September 24, 2010 at 4:49am

Update on my Military Short sale. After e-mailing every B of A contact I could think of, I did get a phone call from John Lay, who seems to be some kind of decision maker. He called me while on vacation! Also got a phone call from Marie @ the OO the Pres. She gave me her contact info, as well, if I needed further assistance. Hopefully, B of A will come around on this one or it will go to my Senator. Shameful what they're doing to service men!

Comment by joe beauchamp on September 23, 2010 at 2:34pm

Sorry, I just saw an earlier post and replied to that, just catching up, and see that the deal was killed. You can ask John Cirsi about looking into it. I don't see that you have done this enough to force them to tell you what the BPO is or the required number for the investor, but you can. On the other hand, how does "I don't like LLC's" turn into "insufficient offer"? And, uh, has your negotiator heard of.... what do they call it? Negotiating? That is what you do when you don't like the numbers, you let the other party know that they won't cut it. I have had several idiot pinhead useless negotiators kill deals rather than properly respond. But I really can't fathom that you've been on the phone day after day about LLC issues and you get "you fell short on $" out of the blue. Totally irresponsible - and that is EXACTLY what you should have screamed at them as soon as you got it. How do they justify not discussing it but discussing this other bogus issue? I could go on, but if you didn't try any of the other things, no point - just a continuation of making them understand that they cause real legal problems.

A weaker approach which might yield results is to ask how much needed to be cut. He can't hold you to anything, their system does not work that way. If you don't have the strength to beat the answer out of him (it would probably do you some good to listen to one of our people discuss issues with a bank rep/neg/mgr/VP - after your eyebrows singe, you learn.) You can tell him that you were/are willing to cut all the closing costs and eat them. Why would you do that? 1) it no longer matters; 2) you have just told him that you can go straight to the investor and tell him that your negotiator could have had a deal but didn't bother to ask and now the investor doesn't get what fits his guidelines, he gets a foreclosure instead and the bank could get a lawsuit from the seller for not negotiating in good faith and ruining his credit and future. There are some legal obligations here.

And what if the negotiator says, OK? It doesn't matter - even if he magically restarts the SS (I had that happen once and this guy definitely does not have that capability), BofA cannot accept your offer - their system is totally negative - they counter to you and YOU have to agree with them. So, just don't. That could be even more fun - this guy restarting your SS and now he has to explain why he jerked the system around to do that and there was no deal.

You have to evaluate each position and approach it as such.

I have several times blown off a useless negotiator by having/making him kill the short sale and resubmitting for a new negotiator. You can always do that, if your buyer has the staying power for another 2 months before getting to this point again. If you have gone through various negotiators and closers and team leads, you can try some of them to see if you can get the number from them. You do it matter-of-factly and it is something useful. Not, Oh my gosh I shouldn't ask this but could you please tell me what the investor maybe wanted for a number on this file possibly?

That can be helpful, especially if they aren't aware of your issues.. It also tells you where you probably need to be for your next buyer or this one if he has the stomach to hang in there again..

Comment by joe beauchamp on September 23, 2010 at 2:03pm

Kristie, you don't seem to be paying attention here. There are times when you have to become serious. For the investor, go to the fannie mae or freddie mac website and put in the address and see if they are the investor - there is a mers-something or other site, I tried it maybe twice with no luck, wasn't that interested.

Now listen up. If you are authorized to represent the seller, the bank absolutely, no legal question is required by law to tell you, as the agent of the seller, who the investor is. BofA almost always illegally will not tell you. It is not legal to withhold who you owe money to for a loan - truth in lending. This is indeed a case where you can escalate, take names and ID's and give them to the D.A. for CRIMINALLY violating truth in lending. The reps are just doing as told - as you get up the chain, you run into people who know that they are violating the law and don't really want to go to jail. You seem willing to let this die instead of bringing out the shotgun. You got some decent advice here and there is a real theme here - a lot of BofA employees can be real pinheads and many of the things they do are illegal and you can call them on it. But you have to get serious and do it. No "just kidding..."

So far as this "issue" goes, I haven't yet seen a "reason", just that it is a problem. Why? Nowhere do I see what this problem is based upon. That is a simple and fundamental question. An LLC is a legal person, quit claim deeds are used all the time to make it clear who "owns" the deed. It is real tough to answer what the answer is when there isn't a question.

You have no intelligent answer? Say so and demand to talk to his manager - make it clear that you are taking names and ID's. His manager mumbles "ooo, LLC's bad, fire good", ask for his manager and keep going. Do not hang up, demand the REAL answer, where it comes from, proof that it is real. Frustration IS their friend - you hang up and go away, do you win?

I can think of a dozen solutions but they, uh, depend upon what the problem is. And that is?? The bank (illegally?) says that an LLC is not a legal entity? Then why are they on the bank's mortgage and note and deed? They won't allow the LLC to quit claim it to someone? Hello? Since when do they decide what can be legally recorded? What the heck game is going on?

It would help if you actually had **something** that all this bull is based upon. Without that, well, you can see you are getting tons of good advice on how to work on most problems but you can't get specific advice on a pretend problem, right?

Let me see if I have the skimpy facts right. BofA has a note and mortgage and deed with an LLC on it, they went all the way through the short sale process and now say they won't because an LLC is magically still on these same documents. They want the seller to not be the LLC and they won't allow you to make the seller not the LLC. They/you don't say why - what issue this is about. I think the red queen makes more sense with "we have jam every other day." And you actually had someone at BofA say those things as if that isn't absurd? Someone with more than 4 brain cells - they have plenty with fewer, you know.

OK, if you aren't going to actually force the issue, you might get John Cirsi to check it out for you. He is fast and good, but that doesn't mean that everything works out when he gets involved.

There are real times when you'll get run over by bank people if you don't fight back. You need to get real answers or have them back down and OK it.

I'm guessing it is fannie mae, in which case, the only value in talking to them is to make BofA aware that you are taking your case to them directly. Fannie mae has been no better than useless to me - they don't care. So, if you are looking for a savior, it is highly unlikely that he comes in FNMA clothing.

Comment by Kristie DeLay on September 23, 2010 at 8:28am

Yep, that's what it says...I am trying a new tact with them to see if it's really closing costs or the title/borrower issue. We will see!

Comment by Brigitte Powell on September 23, 2010 at 7:41am

OMG!!! What do you mean "because of closing costs"?

Comment by Kristie DeLay on September 23, 2010 at 5:34am

SHOOT! B of A just declined and said it was because of closing costs!! Ridiculous. Call to executive office yielded "Unfortunately, we do not deal with short sales." What a load! So now I don't know if it's a title issue or cost issue. I don't want to give up on this property, but I can't continue to market it if it can't be sold in a short sale. What's a girl to do???

Comment by Shelly Kanke on September 23, 2010 at 5:23am

Hi there, Im not sure what state you are in, but I am an escrow officer in southern california closing roughly 20 short sales a month. I have had this happen before and typically the deed that was recorded to transfer interest to their LLC was NOT insured. Title did not recognize the deed to put them in their LLC so I just proceeded with my closing as though that deed never existed. I would have escrow check with title to see if they are requiring an uninsured deed affidavit, if so, you can have your seller's sign as inviduals (as they are on the loan) and that will solve the problem, at least it did for me - hope this helps :)

Comment by Jeff Payne on September 23, 2010 at 3:51am

It seems to me that as long as all members of the LLC agree to sell and sign at closing, you should be good to go. Do a search on here for the executive office, you should find everything that you need

Comment by Kristie DeLay on September 23, 2010 at 3:47am

LLC is comprised of mom, dad, two sons and one of their wives. Mom and dad are responsible for the mortgage. No one individual is the responsible member for the LLC. What's the number to the executive office and exactly who do I want to speak with? Thanks for all your advice, everyone!
The reason the seller can't transfer into their names, the negotiator says, is because of a flip or other potential fraud.

Comment by Jeff Payne on September 23, 2010 at 3:40am

Who is responsible for the mortgage? What name is on the mortgage? I assume that it is an individual and they deeded the property to an LLC. Who is the responsible member for the LLC? Same Person? If the lender is saying that they can not do a short sale because there was an ownership change... "thank you Mr lender, could you please put in writing that my seller is no longer responsible for this mortgage?" This is nonsense, call the executive office and get it worked out

• ‹ Previous
• 1
• …
• 203
• 204
• 205
• 206
• 207
• …
• 353
• Next ›
• Page