Replies to This Discussion

Permalink Reply by Claudine Ellis on March 21, 2010 at 4:11pm

Really, the Bailiff? I guess I need to do some research! Thanks. I will try.

Permalink Reply by Claudine Ellis on March 21, 2010 at 4:14pm

Well Dawn, we may not have a Bailiff. I went to the city's website and typed it in and NOTHING. Urg!

Permalink Reply by Christine Donovan on March 21, 2010 at 5:33pm

My experience with BofA has been that they don't usually postpone the trustee sale until the day before or the day of the sale.

Be sure that the request to postpone the sale has been put in by the negotiator, short sale and/or loss mitigation department..

Permalink Reply by Fatima Cannon on March 21, 2010 at 5:48pm

I found an article from B of A, that states they are improving their short sale process. Here are some tips they listed in their aritcle:

Tips for real estate professionals:

There are many things you can do to help minimize this lengthy process time:

Advise clients to contact their servicer as early as possible
Ensure all customer financials are in PDF format
Help clients complete all documentation accurately and as soon as possible
Make sure the purchase offer is a legitimate offer and fully executed
Submit the best possible purchase offer at fair market value
Provide listing information and comparables to support price
Frequent causes of delay to be aware of:

A change of buyer or agent at any time may require process to revert to an earlier step; notify client’s servicer immediately if there is any change
Investor/mortgage insurance approval is needed if the servicer is not fully delegated to approve the short sale
Release on a second lien must be received prior to issuing an approval letter
If customer has filed bankruptcy, the trustee must provide a court document that approves the sale of the property
View the December 10 National Association of REALTORS® webinar on short sales.

Permalink Reply by Claudine Ellis on March 22, 2010 at 2:07am

Well, the time was 7 am, and I got a personal phone call from one of the TOP guys Dwayne Thomas. He told me to calm down and in 2 hours he will get it postponed. The guy was begging me to trust him. I will update you all! This is KARAYZEEEEE!

Christine Donovan said:

My experience with BofA has been that they don't usually postpone the trustee sale until the day before or the day of the sale.

Be sure that the request to postpone the sale has been put in by the negotiator, short sale and/or loss mitigation department..

Permalink Reply by Makoto Sato on March 22, 2010 at 11:28am

The reason why you're getting the conflicting Approval on one hand and Foreclosure on the other is that, more than likely, the Short Sale department is doing their thing and Collections department is still doing their thing. Classic case of one hand not talking to the other. So, best thing to do is to call them (both) and make sure you put in a request to stop the auction. Usually they want you to wait until 2 days before the auction. Making everyone sweat blood in the mean time. Of course they don't tell you that any of this. Usually they don't give you the "why" part of the answer. You just hear them say, "call back 2 days before the auction" Not so fun, but I'm sure all the vets here had the same experience. I know I did. Had it happen 3 times on the same transaction.

So, while you wait for the auction to be cancelled, it's okay to start breathing again. Let your seller know about this too. I'm sure they're about 10X more stressed than you are.

Make sure to follow up with both departments, the attorney/baliff and everyone else who has a hand in it.

Best of luck and keep us posted.

Permalink Reply by Keli Amparan on March 22, 2010 at 11:33am

The house I have an offer on was set to be auctioned on 3/24. Two weeks ago the sellers realtor was able to get it delayed until 4/22. I verified that the auction date was changed on the auction website so I know for sure it was changed. I'm not sure what he did to get them to change it so far in advance, but it is possible.

Permalink Reply by Susan Stuth on March 24, 2010 at 9:18am

I have had a similar problem. We were heading towards Sale in January because Bank of america cancelled our short sale since the did not like the buyers offer. (You would think they would give him a chance to increase it first!) So we had to resubmit and start all over again. We contacted BOA and they told us the sale was stopped. Last week I found out that the Lawyers did foreclose on it, just as we got a counteroffer. Spoke with the negotiater and his records showed that it was NOT sold. After much running around, I was told that it was foreclosed in error and they were going to undo it...since then I cannot get anyone to return my call. The short sale people who answer general questions keep telling me it was not sold and to keep calling negotiater. So we are not sure and we are still negotiating the price. Not sure what else there is to do.

Permalink Reply by Claudine Ellis on March 24, 2010 at 9:32am

Contact OCC's website and make a complaint first. Then contact anyone at BOA and they will eventually call you. Remember you letter needs to be urgent. If you dont have an urgent matter and a nice nasty letter, they wont help you. They dont like complaints to the OCC. You can google the executives at BOA and their emails or names are on the site. it's [email protected]. I did it and it worked. Good luck.

Susan Stuth said:

I have had a similar problem. We were heading towards Sale in January because Bank of america cancelled our short sale since the did not like the buyers offer. (You would think they would give him a chance to increase it first!) So we had to resubmit and start all over again. We contacted BOA and they told us the sale was stopped. Last week I found out that the Lawyers did foreclose on it, just as we got a counteroffer. Spoke with the negotiater and his records showed that it was NOT sold. After much running around, I was told that it was foreclosed in error and they were going to undo it...since then I cannot get anyone to return my call. The short sale people who answer general questions keep telling me it was not sold and to keep calling negotiater. So we are not sure and we are still negotiating the price. Not sure what else there is to do.

Permalink Reply by Susan Stuth on March 24, 2010 at 9:48am

Thanks Claudine!

Claudine Ellis said:

Contact OCC's website and make a complaint first. Then contact anyone at BOA and they will eventually call you. Remember you letter needs to be urgent. If you dont have an urgent matter and a nice nasty letter, they wont help you. They dont like complaints to the OCC. You can google the executives at BOA and their emails or names are on the site. it's [email protected]. I did it and it worked. Good luck.

Susan Stuth said:

I have had a similar problem. We were heading towards Sale in January because Bank of america cancelled our short sale since the did not like the buyers offer. (You would think they would give him a chance to increase it first!) So we had to resubmit and start all over again. We contacted BOA and they told us the sale was stopped. Last week I found out that the Lawyers did foreclose on it, just as we got a counteroffer. Spoke with the negotiater and his records showed that it was NOT sold. After much running around, I was told that it was foreclosed in error and they were going to undo it...since then I cannot get anyone to return my call. The short sale people who answer general questions keep telling me it was not sold and to keep calling negotiater. So we are not sure and we are still negotiating the price. Not sure what else there is to do.