Escalation to CEO
So I wrote last week about my experience on a short sale that had been in process for nearly 6 months and at the last minute when I was expecting an approval letter I was blind sided by BOA and was told the S/S was being declined due to the seller not being delinquent on his mortgage at least 30 days.
Declined!! thanks for taking 6 months to check whether the account was delinquent BOA.
So I am not one to take no for an answer easily, so I started calling my contacts, sending out emails trying find a way around this. I finally got the Email address to the President and CEO of BOA and I sent him a detailed email with dates of when BPOs, names of people I had spoken to, when we were countered etc. I keep notes on every call I make to Equator.
I sent the Email Wednesday afternoon and I wasn't sure if anything would come of this Email. I received a call this morning from a lady from the office of the CEO who informed me that she had taken a look at the file and would send from the President's Office to the Senior Negotiation Dept. to have one of the managers review the file.
Not more than an hour later, I got a call from the manager who had received the Email, reviewed the file and said that there was no way around the 30 day delinquency requirement, However, she gave me all her contact info and asked me to call her once the file was delinquent and she would personally make sure the file gets expedited so we can get the approval letter.
Hopefully it is a step in the right direction, I will post an update in a couple of weeks once the seller is delinquent and let you know how it goes.
Declined!! thanks for taking 6 months to check whether the account was delinquent BOA.
So I am not one to take no for an answer easily, so I started calling my contacts, sending out emails trying find a way around this. I finally got the Email address to the President and CEO of BOA and I sent him a detailed email with dates of when BPOs, names of people I had spoken to, when we were countered etc. I keep notes on every call I make to Equator.
I sent the Email Wednesday afternoon and I wasn't sure if anything would come of this Email. I received a call this morning from a lady from the office of the CEO who informed me that she had taken a look at the file and would send from the President's Office to the Senior Negotiation Dept. to have one of the managers review the file.
Not more than an hour later, I got a call from the manager who had received the Email, reviewed the file and said that there was no way around the 30 day delinquency requirement, However, she gave me all her contact info and asked me to call her once the file was delinquent and she would personally make sure the file gets expedited so we can get the approval letter.
Hopefully it is a step in the right direction, I will post an update in a couple of weeks once the seller is delinquent and let you know how it goes.
Replies to This Discussion
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Permalink Reply by Keli Amparan on
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It's crazy that it has to come to that, but I"m glad things seem to be moving in the right direction. Sad it took so long for someone to figure that out as well!
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Permalink Reply by CJ Wright on
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Hey Juan,
I forwarded your posting to one of my VA sellers who is not late on their payments (at least for now...). They have taken a job out of town and will not be back to this area. B/c this is VA, they don't qualify for Equator. Anyway, I prefaced my forward with "Just to be clear: I am NOT telling you to stop making your payments. I am just making you aware of an alarming trend I see we seem to be coming back to. This is the second or third time in a week that I've seen this very issue. What follows is a posting from a group I belong to that shares the mechanics of the ever changing world of short sales."
Then I pasted in your note above.
Then, I added.... ""I have a note into this guy to find out what type of loan he is working with. Is it VA like yours? He is obviously working thru Equator which you are not, but the underlying decision makers are still BOA and the investor behind the loan. In fact, since they don't talk to the investor on you loan until we get almost to the end, we may not know whether this applies to your file or not, anytime soon.
Just to be clear: I am NOT telling you to stop making your payments. You draw you own conclusion. Let's talk when you get a moment....
Happy Easter - Sunday is coming! thanx, cj"
Thoughts? -
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Permalink Reply by Victoria Frieberg on
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It is amazing when you find the right contact how fast these can move, one way or the other. Ben Benita helped me with contacts over at Wells Fargo, where I had been getting deafening silence for far too long. Within minutes of an e mail, voila..situation solved, and the approval letter on it's way..It took months to get there! Fannie loan
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Permalink Reply by Wendy Rulnick on
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Juan - The delinquency rule only applies to certain secondary market investors, not all. I had a similar scenario with Bank of America. They declined a file. I reached one of my contacts and she told me the seller had not been delinquent, but if the seller could prove delinquency was imminent, she would get it approved.
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Permalink Reply by Juan Reyes on
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@ CJ, It is not a VA or FHA. It was an 80/20 and BOA has both loans. VA rules are usually similar to FHA and I believe with FHA you do not have to delinquent for the S/S to be approved.
@ Wendy, I tried to make them realize that the seller was in such hardship that default was eminent, but they told me that this investor won't budge and that they have tried to get them to waive this requirement but they do not want to. Fannie Mae is the investor. -
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I see!
Juan Reyes said:@ CJ, It is not a VA or FHA. It was an 80/20 and BOA has both loans. VA rules are usually similar to FHA and I believe with FHA you do not have to delinquent for the S/S to be approved.
@ Wendy, I tried to make them realize that the seller was in such hardship that default was eminent, but they told me that this investor won't budge and that they have tried to get them to waive this requirement but they do not want to. Fannie Mae is the investor. -
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I am a buyer of a short sale that is into the 10 month. I believe am close but only have till the end of th month before second lien holders approval expires. Would love to write to CEO for help. Would you share that email?
Thank you
Mike Brown -
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