Hello,

 

I am the purchaser of a short sale we are trying to gain approval on with Aurora, I also work for Bank of Amercia.

 

Aurora will of course not speak to me nor would they speak to me when I called and said I worked for BOA.

 

The seller keeps getting the run around from them.  This is a FSBO.  We currently rent the home.

 

The BPO was done Novemeber 16th and the seller has had his package in their hands since prior to that date, I believe it was end of October. 

 

They needed a HUD-1 and they said that was the last thing and we got that to them on 11/10/10.

 

We are VERY frustrated.   Is it normal for this process to take so long?  I checked public records and see that Aurora just recorded an assignment of mortgage from the prior lender to their name and they have had the sellers servicing for years so I thought maybe this was part of the hold up, this was just recorded 12/21/10.

 

Is there a name of anyone that some can provide me that we can escalate to in order to get some help?  The seller keeps getting this canned 30-60 day answer for a time frame when he calls.   All my credit docs have expired and I had to provide all new paystubs, bank statements, credit docs to my lender.    My fear is that my appraisal will expire and we still will not have closed.

 

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Replies to This Discussion

Sounds like a standard Short Sale to me..

Looks pretty normal for an Aurora short sale.  Just curious, what does you working for BofA have to do with anything?  The only way you can get info is to get authorization from the seller to speak about the account.

The part that would worry me is that a FSBO is also trying to negotiate a short sale.  Why  in the world would they try to sell the home themselves AND try to work out the short sale. 

I just happened to mention that I worked for them, have been in the mortgage business for 20+ years that is all.   He did not feel it was necessary to use a realtor to negotiate it and we have a good relatationship as tenant/landlord.   

Jeff Payne said:

Looks pretty normal for an Aurora short sale.  Just curious, what does you working for BofA have to do with anything?  The only way you can get info is to get authorization from the seller to speak about the account.

The part that would worry me is that a FSBO is also trying to negotiate a short sale.  Why  in the world would they try to sell the home themselves AND try to work out the short sale. 

I understand that you mentioned that you worked for BofA but really didn't understand the relevance of it because being in the mortgage industry does not really equate to short sales, I was just curious more than anything.   Not using a realtor who knows short sales could be the shortcoming in this because the homeowner does not do this every day like a realtor would, not to mention it would cost the homeowner nothing to use a realtor in a short sale.  My advice would be to find an agent who knows short sales and get them involved now. 

L Rose said:
I just happened to mention that I worked for them, have been in the mortgage business for 20+ years that is all.   He did not feel it was necessary to use a realtor to negotiate it and we have a good relatationship as tenant/landlord.   

Jeff Payne said:

Looks pretty normal for an Aurora short sale.  Just curious, what does you working for BofA have to do with anything?  The only way you can get info is to get authorization from the seller to speak about the account.

The part that would worry me is that a FSBO is also trying to negotiate a short sale.  Why  in the world would they try to sell the home themselves AND try to work out the short sale. 

You may not think they are related but in underwriting and reviewing repurchase requests from GSE investors for over 20 years I know more than the avg person off the street about this process. I review short sale approval letters pretty much on a daily basis.  Thanks, will have him seek the advice of a local realtor.

Jeff Payne said:
I understand that you mentioned that you worked for BofA but really didn't understand the relevance of it because being in the mortgage industry does not really equate to short sales, I was just curious more than anything.   Not using a realtor who knows short sales could be the shortcoming in this because the homeowner does not do this every day like a realtor would, not to mention it would cost the homeowner nothing to use a realtor in a short sale.  My advice would be to find an agent who knows short sales and get them involved now. 

L Rose said:
I just happened to mention that I worked for them, have been in the mortgage business for 20+ years that is all.   He did not feel it was necessary to use a realtor to negotiate it and we have a good relatationship as tenant/landlord.   

Jeff Payne said:

Looks pretty normal for an Aurora short sale.  Just curious, what does you working for BofA have to do with anything?  The only way you can get info is to get authorization from the seller to speak about the account.

The part that would worry me is that a FSBO is also trying to negotiate a short sale.  Why  in the world would they try to sell the home themselves AND try to work out the short sale. 

Did I understand correctly that you are trying to purchase a short sale house which you are currently renting? So basically the seller is selling the house to the current renter? I believe Aurora may deny this due to not being an arms-length transaction since the parties involved know each other.
Aurora has known since day 1 that he was selling to a tenant, he has told them this multiple times so if they did not allow it why would thy string us along this long????    This does not meet the definition of a non-arms length transaction for mortgage purposes, I know that so dont know why they would have an issue with it.   We are seller/tenant not related in any manner, I just pay him rent every month to live in the house.  If they deny us I guess they may have a foreclosure on their hands if we move out and he cant rent it again or sell it to someone else. The homes in our sub are really not moving at all. 

Val B said:
Did I understand correctly that you are trying to purchase a short sale house which you are currently renting? So basically the seller is selling the house to the current renter? I believe Aurora may deny this due to not being an arms-length transaction since the parties involved know each other.
Unfortunately Arms Length can mean something different to each lender.  We had the exact same situation with a Bank of America loan and the buyers were denied because the underwriter said it was not an arms length transaction,  closed it locally with a local lender

L Rose said:
Aurora has known since day 1 that he was selling to a tenant, he has told them this multiple times so if they did not allow it why would thy string us along this long????    This does not meet the definition of a non-arms length transaction for mortgage purposes, I know that so dont know why they would have an issue with it.   We are seller/tenant not related in any manner, I just pay him rent every month to live in the house.  If they deny us I guess they may have a foreclosure on their hands if we move out and he cant rent it again or sell it to someone else. The homes in our sub are really not moving at all. 

Val B said:
Did I understand correctly that you are trying to purchase a short sale house which you are currently renting? So basically the seller is selling the house to the current renter? I believe Aurora may deny this due to not being an arms-length transaction since the parties involved know each other.

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