**urgent** Bank of America and Fannie Mae sale date
I have an accepted short sale w/B of A via Equator. My seller's last payment was in June and we have never asked for an postponement before. The problem is that there is a sale date of 11/2! The negotiator and closer from BofA have both asked FM for an extension, but at this point, there is no guarantee. I called FM and the rep on the phone refused to escatlate it to a level 2 rep. He said they only take postponement requests directly from the lender. I tried to explain the urgency and asked to simply speak to a level 2 rep, but he refused. I hung up and called back and wouldn't you know it, I got the same guy! What can I do to get this postponement? Can the rep at F M refuse to let me speak w/a level 2 rep? Can he refuse to put in a request that the level 2 rep call me back? Any help is greatly appreciated.
Replies to This Discussion
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Permalink Reply by Shari P on
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I am exactly in the same situation. My sale date is 11/2; I have approval via Equator; I tried calling FM directly and they refuse to talk to me,etc. I posed a question earlier and I have had only one reply so far. That person said I should just keep trying to postpone the sale and depending on the luck/day it is, it might get postponed. I have even called my seller's local Congresswoman for help--don't know how that will go. I've been working on this short sale for a year and now this...it's like being in the Twilight Zone!
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Permalink Reply by Steve Early on
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We had one of these with Bank of America and Fannie. We had an good offer 2 weeks prior to the auction date, and got word they would not postpone the auction because "there wasn't enough time to evaluate it prior to foreclosure". It had never had an auction scheduled and postponed previously, this was the first request to postpone.
Bank of America said their hands were tied. It was Fannie that was driving the bus. We went through a local HUD office and got them to talk to Fannie Mae. They said it was untrue - Bank of America had the authority to postpone it once on their own and this could be postponed. Back to Bank of America - "no that isn't right, we take our direction from Fannie Mae".
I got on a 3-way call with the seller and the auction attorney and had the seller ask one simple question: "What company has the authority to call this auction off - is it Bank of America or Fannie Mae?" The attorney said that they were getting their direction from Bank of America.
We confronted Bank of America with this and they basically said, "Sorry - nothing we can do" and hung up. Despite repeated attempt to talk to different people we got nowhere and the property went to auction.
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Can't help with the tactics; but just look at this article about announced policy changes from FMNA and you will maybe start to understand the situation:
http://www.reuters.com/article/idUSN0111774420100901
FNMA is deciding that come heck or high water, they are going to move some inventory. The reason that the banks are complying is contained in this article; they cooperate or get hit with fees for 'compensation' to FNMA for failure to follow FNMA guidelines. If BoA is refusing to take their option to ask for 1 delay, then they figure that the FNMA stick is a lot bigger than your stick, and that you will go away; the gov't will not.
So what 'stick' can you come up with to convince BoA and other abnks to exercise the option? The political angle posted by Shari is interesting; I would like to to hear how that goes. Steve came the closest, but what can he do now? Threaten to sue BoA? Who would consider that worth the time and $$?
BTW, the Federal reserve is also making some moves to support this overall policy change. Some of it is a political response (IMO) to getting people out of homes where they are living for free with no payments; that is a reason offered. Some more reading of some finincial opinions says: Expect home prices to sag further with more REO's, and for the banks to be in an even less favorable overall finanacial position. Any effort they have made to put homes on the makrtet at a controlled pace to keep prices up a bit (which helps them stem losses overall) will be thwarted to a large degree by this gov't change.
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Permalink Reply by Cindy LaPeer on
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Here is what really stinks in my opinion -
- the seller wasn't delinquent until June
- we had multiple offers mid July
- we submitted an offer by mid July
- they countered and the buyer accepted by the end of August
- BofA messed around and then came back at the beginning of Oct with a higher counter even though we had agreed to their last one
- BofA finally concedes and gives us our approval in writing but we have to close in 10 days!
If BofA had just stuck with the original agreed upon sales price from August, this would be a done deal. Instead, they got greedy and they have caused this to go to foreclosure, not the buyers or the seller who have been ready for months. If FM does postpone, they want to charge the buyers a per diem! But it is BofA's fault not the buyers. BofA really screwed it up. FM should be charging BofA for being so greedy.
I've emailed anyone/everyone at FM and BofA whose email was on this website to ask for help. So far, all I have received are 3 phone calls from BofA in which the person (negotiator/closer) told me that they had asked for extensions. Nothing from FM yet. I am going to email again tonight in hopes that the squeaky wheel gets the grease. What do we have to lose at this point?
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Update... Emailing the powers-that-be at BofA caused a bit of a flurry and a new negotiator was assigned to "escalate" this file. However, BofA keeps telling me that it is up to the investor (Fannie Mae) to grant the postponement. But... a level 2 rep from FM called me and said that BofA can postpone one time w/o their approval upfront. When I explained to her what BofA keeps telling me, she escalated the file within FM while I stayed on the phone. Hopefully it will be worth the 25 minutes of being on hold. I'm going to send another email to let the powers-that-be know that I have talked w/FM and what they said. I'm still working on that miracle!
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Great News!! After many emails and phone calls, I was able to get the 11/2 sale date postponed. I am so excited b/c I worked really hard for this. My seller started crying when I told her. The key was calling everyone out as to who had the authority to postpone the sale - FM or BofA.
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Cindy LaPeer said:Great News!! After many emails and phone calls, I was able to get the 11/2 sale date postponed. I am so excited b/c I worked really hard for this. My seller started crying when I told her. The key was calling everyone out as to who had the authority to postpone the sale - FM or BofA.
Congratulations! I got my sale postponed as well! They must have had some happy juice in the water cooler this week...
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