BOA forecloses during the ongoing short sale negotiation
BOA counterred the 1st Short Sale offer. Buyer couldn't accept & walked. No official Letter of Approval was issued. On Nov. 1st we were advised that a new processor would be assigned to the file. We submitted another offer a couple of days later and have been waiting for a decision. The status on Equator is still reading "Pending Approval". In the meantime the Owner just received a Court Letter stating the property has been sold on November 8th (!) to FNMA for half the price it is pending short sale approval for.
This letter was the only one the owner received from the Bank of America. No foreclosure notice, no nothing!
Any comments/advice at this point.
Replies to This Discussion
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Permalink Reply by Cheryl Sommerville on
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One hand doesn't know what the other hand is doing I've found. The negotiator most often doesn't know when the foreclosure department actually puts it up for sale. I've had this happen TWICE. Now I have my assistant call at least once a week to make sure when the sale date is. If Fannie Mae has it....you're done. The owner possibly may be able to lease it from them. Contact Fannie Mae and try to see if they would be interested in continuing the sale. I've found that they've been a dead end.
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Permalink Reply by Kevin - Greenville, SC on
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sounds like you may need an attorney if they foreclosed improperly. Try http://www.oppenheimlaw.com/
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Permalink Reply by David Guthrie on
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You may want to send this to your Attorney General as well.
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Permalink Reply by Nathan Watanabe on
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Yes, I agree with Cherly S. very often w/ the large Lenders/Servicers, one hand doesn't know what the other hand is doing! Whoever is negotiating w/ the Lender/Servicer needs to follow up, follow up follow up...! Then follow up.
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Permalink Reply by Marsha Umansky on
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Thank you, Kevin. Finding an attorney for my Seller is on my to-do list.
Kevin M. Lancaster - Willson said:sounds like you may need an attorney if they foreclosed improperly. Try http://www.oppenheimlaw.com/
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I am now wonderring if I can at least keep the offer going with FannieMae. Does anyone have the right contacts at FannieMae? I probably should search the forum for the info and maybe post someplace else.
Thank you all.
Cheryl Sommerville said:One hand doesn't know what the other hand is doing I've found. The negotiator most often doesn't know when the foreclosure department actually puts it up for sale. I've had this happen TWICE. Now I have my assistant call at least once a week to make sure when the sale date is. If Fannie Mae has it....you're done. The owner possibly may be able to lease it from them. Contact Fannie Mae and try to see if they would be interested in continuing the sale. I've found that they've been a dead end. -
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You can start here, but I doubt if they will be of much help..
https://www.efanniemae.com/utility/contactus/sfbcontacts.jsp
Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
700 Airport Rd.
Greenville, SC 29607
Office: (864) 234-7500
Voice: (864) 485-9283 call or text
Fax: (864) 968-1779
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Thank you, Kevin. I've already sent them an e-mail with the offer/contract we have. Will see what happens, if anything...
Kevin M. Lancaster - Willson said:You can start here, but I doubt if they will be of much help..
https://www.efanniemae.com/utility/contactus/sfbcontacts.jsp
Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
700 Airport Rd.
Greenville, SC 29607
Office: (864) 234-7500
Voice: (864) 485-9283 call or text
Fax: (864) 968-1779
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Finally got to talk to a BOA rep. who said we have to contest the sale at the Cnty Clerk's Office and than re-upload the file on to Equator. Don't know if it is a run-around or will really work, but we'll try.
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