Replies to This Discussion

Permalink Reply by Ben Racela on July 26, 2013 at 1:14pm

BofA is the servicer and if the approval is FHA contact FHA directly to get some assistance.  After all FHA is the investor.

Permalink Reply by joe beauchamp on July 26, 2013 at 2:11pm

Your situation seems like a "good" story in how you've been treated - everything approved, heading to closing then they say "just fooling". Seems extremely underhanded (regardless of why). I would go to HUD immediately, and BofA has recalled loans for some people, so tweet to BofA_Help asking to get that loan back so you can close. But because of the poor treatment you have received, at the same time, I would ask a state senator to intervene. What if you signed a contract, went up to closing and said, "just kidding" and walked away? Do you think everyone would say "OK" like BofA expects? That is what they did to you. It is not uncommon, it just seems to be irresponsible and unethical, to me.

Many are sold to NationStar, if nothing else, that should spur you on to do anything you can to get this done now.

Permalink Reply by Nolberto on July 26, 2013 at 5:16pm

Carolyn,

The release of service has an scheduled date when it will take place; that is not done within hours. Meaning, the new servicer  will have it in their portfolio in about 30 days. Call BofA tomorrow; they work until noon or 1pm. Ask to be transfered to the Mrgs. 'til you get to talk to the VP of that site. Very important to know the name of the VP or SVP of such site your negotiator is at. You may search the email of the VP or SVP at jigsaw.com  E-mail  [email protected]  also;  [email protected]  leader of the Loss Mitigation and cc the VP or SVP of the site. Advise them you need to close Monday or else they will force you to take different measures since they are in position to be sued for breach of contract due to the SS approval.  

Hope the best,

Permalink Reply by Carolyn Triebold, MS on July 29, 2013 at 8:59am

The plot thickens.  According to my research, the FHA original loan is a part of a portfolio bulk sale of FHA insured loans that eliminated the FHA insurability of the these loans sometime in late June 2013, right around the time that both BofA and HUD gave the buyers and sellers their approval letters on 6/25/13!  During all or almost all of the this 30 day escrow EVERYONE was working with HUD and B of A both of which had nothing to do with the loan any longer! The new servicer contacted the listing agent this morning after social media escalation on Friday.  They will sell our young couple their home and close in 7 days, but they want 20% more on the asking price!