NEED A NAME OR SUGGESTION FOR A NINTH HOUR SAVE-Docs Ready-Sale Tomorrow-3-9-11

Good afternoon follow Realtor Community, I have a short sale which had begun in September 2010, with buyer 1 who backed out, then to buyer 2, who has stuck it out since October, complete package submitted immediately as tasked in Equator (1st and 2nd BofA purchase money loans), from the beginning, told both loans would be taken care of at the same time. It took B of A, 2 mos to get a counter offer to have buyer up their offer by $10K, which she agreed to do, then 1 mo. more for BofA to Request for seller to bring in $5800, which he agreed to the same day. Then it took 2 more weeks to finally get an approval letter from BofA, originally dated on February 12, 2011, COE to be no later than February 18, 2011.  Contacted by closer to upload HUD for closing on Feb 18, it was completed, then contacted closer to extend the Escrow to at least 30 day, to March 18th, but she said NO, they could only extend it to 3-7-11, because unknown to me AND unknown to the sellers, there was an Auction Sale date of 3-9-11.  There was an original sale date in February, while we were waiting for a response on the offer we sent in October, so they postponed that one, but never got us an approval until after February 12th, the Lender did his absolute best to close by the SHORT Mar 7th date, which was literally a 3 weeks from approval, and it is FHA, he couldn't quite do it, but was able to get buyers docs today, 3/8 to sign today, try to fund tomorrow 3/9 and record on 3/10.  In any event, we were a victim of the process, and are so close to closing, but BofA investor DECLINED the Sale Posteponement, and we could literally close within the next 2 days.  ANYONE HAVE A BofA contact, to get a last second repreive, the delay was related the the BofA process with the investors, not with buyer nor seller, everyone did their parts, and responded in double time, when needed but the process drug on, leaving everyone on pins and needles, buyer will sign docs today, in hopes for this to happen.  PLEASE HELP if you can, my Closer states, there is nothing more she can do, she's put in the request and it was declined.  Anyone know anyone higher that might be able to help us successfully complete this short sale.  THANK YOU ALL FOR YOUR INPUT AND IDEAS!!!  - Lisa Cedillo

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Replies to This Discussion

Permalink Reply by Nina Jihee Yoo, CDPE on March 8, 2011 at 11:52am

Lisa,

send email to Tiffany Merrill who is in charge of Foreclosure issue.

her email address is [email protected] . Sorry I don't have her phone #.

And also try Closing dept -Jody Price /Homesaver files-Joe McGee. Don't give up!!!!!!!!!!

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 8, 2011 at 11:55am

Lisa -

 

Call me.

Thom Colby

Broker DRE # 01398570

Newport Beach CA

888-391-5245

Permalink Reply by Lisa Cedillo on March 8, 2011 at 11:57am
Thank you Nina, I haven't given up and neither has anyone else in this transaction, it really was no one's fault, other than the process took too long to be given final approval, and we are hoping BofA will work with us on that, once they see the train of actions, and how quickly everyone on this side responded and how everyone accepted everything they countered with, no one countered back, they just accepted it, so they could move forward.

Nina Jihee Bonan, CDPE said:

Lisa,

send email to Tiffany Merrill who is in charge of Foreclosure issue.

her email address is [email protected] . Sorry I don't have her phone #.

And also try Closing dept -Jody Price /Homesaver files-Joe McGee. Don't give up!!!!!!!!!!

Permalink Reply by Lisa Cedillo on March 8, 2011 at 12:08pm
Thank you Thom!

Thom Colby said:

Lisa -

 

Call me.

Thom Colby

Broker DRE # 01398570

Newport Beach CA

888-391-5245

Permalink Reply by Dianne Slutsky on March 8, 2011 at 12:19pm
You need to call the foreclosing attornies office and explain the situation.  You might also try and notify your state attorney generals office.  Finally, if you can get a BofA rep on the phone, place a conference call to HUD and have the seller & you on the phone and explain the situation.  Banks are not supposed to foreclose when there is a viable option available.  Good luck!
Permalink Reply by Lisa Cedillo on March 8, 2011 at 1:36pm

Thank you everyone!  You have been so helpful, thanks most of all to Thom!  We may be getting somewhere.  We won't give up!  That is too easy, WE ARE REALTORS! it's not suppose to be easy!  This is a great network, thank you all for continuing to send in your ideas, information and experience!  I am hopeful that one day, I too can help one of you!

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 8, 2011 at 2:32pm

Good for you LIsa !  Hopefully you'll get it done !

 

Cheers,


Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by justin.hanke on March 9, 2011 at 3:31am
Can you share what you did that may begin moving things forward?
Permalink Reply by Lisa on March 9, 2011 at 4:18am

Do you have a contact for HUD, I was just on the phone w BofA and suggested we call HUD on 3 way and she said that was not something she could do. Have you actually tried this and was it successful?

Dianne Slutsky said:

 

You need to call the foreclosing attornies office and explain the situation.  You might also try and notify your state attorney generals office.  Finally, if you can get a BofA rep on the phone, place a conference call to HUD and have the seller & you on the phone and explain the situation.  Banks are not supposed to foreclose when there is a viable option available.  Good luck!
Permalink Reply by Lisa Cedillo on March 9, 2011 at 8:47am

Basically, I did NOT try the HUD tactic.  I was actually pointed to a couple of resources by some of you offline, and I tried all of them, and I REALLY don't know, which one actually worked, but I know that because of our position, of having docs, all conditions signed off, and lender ready to fund, was the big key, to getting in touch with someone that could help.  I'm in no way trying to be evasive, I want to share my experience with everyone, but I also know that there are some that will misuse these very valuable resources, and I'd be happy to speak to anyone offline, individually, but was told that if you have to extend it out even "a week", without any docs, that these resources shouldn't be used.  Again, I am here to help and tell you, there are so many other agents with helpful resources in your respective states, and nationwide.  My BEST ADVISE to everyone, is to Use "SHORTSALESUPERSTARS.COM" as a resource to SHARE your experience, to let others know, when all else seems lost, that there IS a way, and that there are people, like you, like me, like other agents, willing to share, but each individual has a different need, different story, and different circumstances, and will most likely need to be screened to point you in the proper direction.  But WE are all here for each other, JUST ASK, again, being specific to your current Short Sale issue, not general, because if this was a general, the answers and resources will be different for each.  Thank you again, and as I stated, I am here to be a resource for anyone who needs it.

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