Replies to This Discussion

Permalink Reply by Tracey Martin on December 29, 2010 at 11:44am

One of my co-workers was trying to get a loan modification with B of A and was not behind in payments. The customer service rep. at B of A told her she had to be behind to get service. He gave her this analogy: " if you went to the emergency room, and you were not sick, who is the Dr. going to see, you or a sick person?" I would imagine that the same is true in the short sale dept.  The short sale requests where the borrower is behind, gets the attention.

Permalink Reply by Wendy Haisley on January 4, 2011 at 6:44pm

Bof A does not prioritize files according to foreclosure pending.  Each is handled on a "first come, first served" basis through Equator.  Listing agent needs to be conscious of time needed to close by your financing.  They can inform negotiator through Equator that short sale approval letter should be good for 60 days due to buyer financing.  Negotiator will comply.  The biggest issue I see that may stand in your way is a "bad bpo" where bpo agent is not aware of issues with the property negatively affecting fair market value.  Be sure listing agent meets bpo agent at the property with pictures of the problems and good comps to provide bpo agent.  Not all people doing bpo's know what they are doing or are professional enough to do proper research.  Once a "too high" bpo goes to lender creating a high counter offer,  it is extremely difficult if not impossible to challenge the bpo.  Therefore, it is critical to make sure bpo agent knows what they are doing.

Permalink Reply by Wendy Haisley on January 4, 2011 at 6:46pm

Actually, Tracey, the same does not apply to short sales.  It is investor policy as to whether or not servicer (BofA) can consider short sale if seller is not in default.  We have had some get fully approved with no default, and some denied immediately because seller is not in default.

Tracey Martin said:

One of my co-workers was trying to get a loan modification with B of A and was not behind in payments. The customer service rep. at B of A told her she had to be behind to get service. He gave her this analogy: " if you went to the emergency room, and you were not sick, who is the Dr. going to see, you or a sick person?" I would imagine that the same is true in the short sale dept.  The short sale requests where the borrower is behind, gets the attention.

Permalink Reply by Jerrod Mills on January 19, 2011 at 8:11am

Wendy,
Thank you for the additional information. It was in line with what we were thinking. So far things are going along at a decent rate (luckily we are in no rush on the buying side). I am sure we will have some delays coming up. I believe the selling agent will be at the BPO once it is scheduled.

 

12/15/10 Offer accepted by Seller

Seller has completed: 3rd Party Authorization, hardship letter, etc.

1/10/11: BOA needed additional information for 3rd party authorization. The mother had passed away, and the daughter was on the deed.

1/18/11: BOA acknowledged all documentation was in.
"Message Inserted (01/18/2011 10:40 PM) 
       Thank you for completing the assigned agent tasks for the property. We are in the process of obtaining an updated valuation on this property.  As the agent on this short sale, you will be the point of contact for the valuation so please be prepared to coordinate access to the property as needed.  You will receive another status notification once the valuation has been completed and uploaded to our system."