Need help getting extension from BofA/Fannie Mae...Sale Date is Nov 2!!
Finally, after a whole year, BofA got back to me yesterday and told me via Equator that Fannie Mae accepted the short sale BUT it must close in 4 days on or before Nov. 1. In our last counter offer we asked for a 30 day closing so evidentially this is Fannie Mae's answer--no. My negotiator and others at BofA say their hands are tied because it is Fannie Mae's decision. We have never asked for an extension before; this is the original sale date. We accepted their terms of Nov. 1 and are praying we can get an extension here in the last few days. Ironically, I still don't even have the official approval letter in my hot hands so the buyer's lender (BofA!) can't even start anything yet.
Help!!
Replies to This Discussion
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Permalink Reply by Kelly Timm on
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Fannie doesnt mess around these days. You dont have an official approval from BofA so you really dont have anything. I had this happen a few times. Once I got the sale date postponed and once, the home went to sale. It depends on the day of the week and the specific rules that day. I hate their games!!! Good luck!!
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Permalink Reply by Jake Bowers on
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Look at the BoA forum for a thread titled "B of A not extending Trustee Sale dates??" for some info.
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If youre short sale is in California I can definitely help. My name is Tim Hyde at Coldwell Banker: 8184875833. I am happy to call my BofA guy but I don't know if he has any juice outside California.
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Permalink Reply by Nancy Campbell on
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You may want to try Tony Chard at 480-233-8660 or [email protected]. He worked for the B of A Short Sale department, now stared his own company to help real estate agents with B of A.
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I got the sale postponed to 12/2 and they extended the short sale to 11/19--still tight-- BUT they sent an incorrect approval letter! Everything in the letter was correct except the HOA lien figure was wrong, even though the worksheet had it correct it was wrong in the letter. Then today they sent a new letter with the correct HOA lien figure BUT now they have verbage for the deficiency judgement that the first letter did not have. The BofA closing agent said she can't do any other letter even though the seller does qualify for a non-deficiency letter. Again, any ideas on how to meld the two letters into one good letter???? (P.S. I'm in California and it is an original purchase loan; not a refi)
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What did you do to get the delay, Sheri? Whom called, contacted, done via phone, or??
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Jake Bowers said:What did you do to get the delay, Sheri? Whom called, contacted, done via phone, or??
I called BofA short sale customer support at 866-880-1232 and was lucky to speak with a very nice and knowledgeable representative. I mean, they are all pretty nice but most of them can't tell you anything important or help much, but this gal went above and beyond. She helped me construct an email to everyone in the chain of command and send it so there's a good record of it. (Did you know if you just reply to the negotiator or closing agent, not everyone will be able to see that email?) I emailed everyone twice per day for a couple of days regarding this and the incorrect letter that I'm still working getting corrected, by the way. So, even though they were all telling me NO, it actually got postponed fairly easily but remember, this is my first postponement so that may have helped. I just tried to be super nice in my emails and on the phone stressing that it was my first request to postpone AND I have been working with BofA on this short sale for over a year. -
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