All Discussions Tagged 'America' - Short Sale Superstars2024-03-29T09:50:17Zhttps://shortsalesuperstars.com/forum/topic/listForTag?tag=America&feed=yes&xn_auth=noBank of America Delay Severely Impeding Short Saletag:shortsalesuperstars.com,2015-03-23:3468065:Topic:3634902015-03-23T15:12:57.910ZPeggy Kormylohttps://shortsalesuperstars.com/profile/PeggyKormylo
<p>Good Morning,</p>
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<p>BofA is the secondary lien holder, with Green Tree being primary. Green Tree has offered BofA $6000 and BofA has given us verbal approval but each time they say they are sending the final approval it never comes through. </p>
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<p>Green Tree has been wonderful and has given us extension after extension but now this is our last extension from Green Tree. </p>
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<p>Is there anything we can do? We have called Escalations time and time again, this always…</p>
<p>Good Morning,</p>
<p></p>
<p>BofA is the secondary lien holder, with Green Tree being primary. Green Tree has offered BofA $6000 and BofA has given us verbal approval but each time they say they are sending the final approval it never comes through. </p>
<p></p>
<p>Green Tree has been wonderful and has given us extension after extension but now this is our last extension from Green Tree. </p>
<p></p>
<p>Is there anything we can do? We have called Escalations time and time again, this always leads to the BAC Specialist calling us and saying you will have approval in 24 to 48 hours, or you will have it by the end of today, or you will have it as soon as my manager comes in. </p>
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<p>This is really ridiculous and has gone on for months. </p>
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<p>If anyone has any suggestions please let me know.</p>
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<p>Thank you.</p>
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<p></p> Listing a SS with Bank of America FHA.tag:shortsalesuperstars.com,2014-01-10:3468065:Topic:3417302014-01-10T18:27:41.037ZEsperanza Agbayanihttps://shortsalesuperstars.com/profile/EsperanzaAgbayani
<p>Last Short sale I closed as a listing agent was 2 years ago. I am listing a home with a purchase money loan and a second that was added when borrowers did a loan mod. B of A created a new second of $13,000 FHA, which is the total arrears of the seller. Strange? </p>
<p>Doe that mean I have to deal with 2 lenders under Bof A but may be different investors? </p>
<p>Really want to help these referred cleints. </p>
<p></p>
<p>Last Short sale I closed as a listing agent was 2 years ago. I am listing a home with a purchase money loan and a second that was added when borrowers did a loan mod. B of A created a new second of $13,000 FHA, which is the total arrears of the seller. Strange? </p>
<p>Doe that mean I have to deal with 2 lenders under Bof A but may be different investors? </p>
<p>Really want to help these referred cleints. </p>
<p></p> REDC Gross Mismanagement of Bank of America file - Escalation?tag:shortsalesuperstars.com,2013-06-07:3468065:Topic:3180982013-06-07T15:54:42.264ZLinda Ippolitohttps://shortsalesuperstars.com/profile/LindaIppolito
<p>I'm a 3rd party negotiator and I've been working on a HAFA short sale since August, 2012, when I jumped in. File is Bank of America being handled by REDC. It's been one issue after another - the lack of communication and gross mismanagement is astounding. There is no accountability. </p>
<p>The file has been closed out multiple times - each with a blatant lie as to why. The last time file was closed was because the contract had not been received within time frame. Of course, the…</p>
<p>I'm a 3rd party negotiator and I've been working on a HAFA short sale since August, 2012, when I jumped in. File is Bank of America being handled by REDC. It's been one issue after another - the lack of communication and gross mismanagement is astounding. There is no accountability. </p>
<p>The file has been closed out multiple times - each with a blatant lie as to why. The last time file was closed was because the contract had not been received within time frame. Of course, the contract was received - actually had been received multiple times. Luckily, I have copies of all messages in Equator, both received and sent, for my files - since they DELETE messages in Equator so that they can deny or continue to lie about what has transpired. But, without accountability, what is the point.</p>
<p>File has been reopened in Equator yet again and it's been in "offer review" since last month. After 5 requests for status, I just received a message with what I need to list the property at...? What about the offer? </p>
<p>Escalating through Equator has been ineffective - I've sent messages to management over the past 4 months and not received even one response from any of them. The attorney in my office has become involved, and he also has great difficulty reaching or speaking to anyone.</p>
<p>I realize that a short sale is a privilege and not a right. That being said, does anyone know of a government agency that can be contacted regarding business practices? Aren't there laws that protect consumers or at least establish standards? I don't yet have a Twitter account, thinking perhaps it is time.</p>
<p>If anyone has any insight as to how I can bypass REDC and get to someone who can make a decision, your help is very much appreciated. Thank you.</p>
<p>Linda</p> BOA SS is not moving in Equator despite "escalations" Suggestions?tag:shortsalesuperstars.com,2013-06-02:3468065:Topic:3169102013-06-02T13:41:40.085ZLisa Bennetthttps://shortsalesuperstars.com/profile/LisaBennett
<p>I have a stand alone 2nd mtg. being worked through Equator. Strange that they asked us to negotiate the 1st before the 2nd. The 1st was then sold to another servicer, now it has been successfully negotiated by an attorney (after 8 1/2 months!)</p>
<p>The 2nd I'm doing through Equator but in a month and 1/2 I've gotten no response from negotiator (Equator messages, calls to voicemail, calls to SS Dept) I've escalated, escalated past him to his manager (still no response) I've escalated to…</p>
<p>I have a stand alone 2nd mtg. being worked through Equator. Strange that they asked us to negotiate the 1st before the 2nd. The 1st was then sold to another servicer, now it has been successfully negotiated by an attorney (after 8 1/2 months!)</p>
<p>The 2nd I'm doing through Equator but in a month and 1/2 I've gotten no response from negotiator (Equator messages, calls to voicemail, calls to SS Dept) I've escalated, escalated past him to his manager (still no response) I've escalated to the "escalation team" supposed to be 48 hr. response, sent it to "upper management" supposed to be 48 hour response. Just nothing! I've never had one go like this. I've been advised this 2nd is also due to be sold on 7/15 and am wondering if this is why they are not responding. Buyer is weary (understandably) and on the brink of walking.</p>
<p>Any suggestions??</p>
<p>Thank you,</p>
<p>Lisa Bennett, Co-Broker/Owner</p>
<p>Windsor Realty Group, Inc.</p>
<p>Winter Garden, Fl. 34787</p> Short Sale Buyer Needs Advice This is crazytag:shortsalesuperstars.com,2013-05-26:3468065:Topic:3155712013-05-26T03:52:07.005ZCindy Strangehttps://shortsalesuperstars.com/profile/CindyStrange
<p>This has to be the longest short sale in history</p>
<p>House was listed at 150,000 I made an offer of 125,000 in April 2013</p>
<p>Listing agent says they already have an accepted offer. Ok no problem. A few weeks later it is back on the market so I make another offer of 128,000.</p>
<p>Listing agent again says there is already an accepted offer but I can be the backup offer.</p>
<p>Ok fine</p>
<p>2 weeks later it pops back up on the market for 125,000. So at this point I am not a happy…</p>
<p>This has to be the longest short sale in history</p>
<p>House was listed at 150,000 I made an offer of 125,000 in April 2013</p>
<p>Listing agent says they already have an accepted offer. Ok no problem. A few weeks later it is back on the market so I make another offer of 128,000.</p>
<p>Listing agent again says there is already an accepted offer but I can be the backup offer.</p>
<p>Ok fine</p>
<p>2 weeks later it pops back up on the market for 125,000. So at this point I am not a happy camper.</p>
<p>What happened to me being the backup offer and why is it now listed for less than my offer. So I have my agent at the time call the listing agent and ask WTH is going on no real answer just again with the "there is already an offer" and I can be the back up offer. Ummm No thanks.</p>
<p>So at that point I give up. Fast forward to Feb. 2013 I have a new agent and this same house comes back on the market for 150,000. I make a full price offer. Do all the paperwork. Finally in April I get a counter from the bank asking for 5000.00 more . I accept and sign the counter offer and sign a HUD statement. Great. So I wait and wait. Finally call my agent who tells me the bank asked for an updated HUD and the listing agent missed the deadline. What?? How is that possible? My agent tells the listing agent fix it.</p>
<p>Then I hear nothing for weeks so I finally call my agent and she says we are just waiting to hear from the bank. So I wait some more.</p>
<p>I hear nothing until yesterday when I contact my agent and she tells me Bank of America sold the loan to Green Tree and my file is being transferred. What?? She tells me we can contact Green Tree on Wednesday and that we need to start the whole process over. </p>
<p> So my question is should I just give up? or should I keep trying? Do I even have a chance?? Can someone please help me? I love the house but....I just want some honesty here.</p>
<p>Here is a little more info:</p>
<p>B of A filed an NOD in March</p>
<p>B of A sold the loan to Green Tree on the 20th of May</p>
<p>House has been empty for a year an a half</p>
<p>Sellers stopped making the payments in Jan.</p>
<p>I live 6 hours away from this house so maybe that is why I am getting jerked around??</p>
<p>Thanks in advance for any advice.</p>
<p> </p> B of A transferring file from DTS to AMS....Is this so they won't have to pay Coop Relo fee?tag:shortsalesuperstars.com,2013-04-18:3468065:Topic:3094222013-04-18T14:14:49.498ZBeth Larsenhttps://shortsalesuperstars.com/profile/BethLarsen
<p>I have a B of A Coop SS that was approved and almost made it to closing....but USDA buyer hit a bump and needed extra time. B of A would only give a short extension. We needed about another week. We were hard declined but encouraged to resubmit to get the time needed to close this.</p>
<p>I tried to go through DTS to re-open the file, was advised to call B of A SS Dept, they conferenced me over to DTS. Thought we were on track until I got a call back yesterday from DTS telling me they'd been…</p>
<p>I have a B of A Coop SS that was approved and almost made it to closing....but USDA buyer hit a bump and needed extra time. B of A would only give a short extension. We needed about another week. We were hard declined but encouraged to resubmit to get the time needed to close this.</p>
<p>I tried to go through DTS to re-open the file, was advised to call B of A SS Dept, they conferenced me over to DTS. Thought we were on track until I got a call back yesterday from DTS telling me they'd been informed BofA is transferring the file to AMS.</p>
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<p>It seems to me that if a COOP SS goes off track, they take that as an excuse to disqualify the seller from receiving the Relo payment. I had this happen with another Coop with BofA/REDC.</p>
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<p>Any suggestions?</p>
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<p>Any feedback on (or contact info for) AMS?</p>
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<p>Thanks,</p>
<p></p>
<p>Beth</p> Bank of America Backs Down on Short Sale Request Due to Social Mediatag:shortsalesuperstars.com,2013-03-14:3468065:Topic:3027792013-03-14T20:29:05.539ZEvelyn Santiagohttps://shortsalesuperstars.com/profile/EvelynSantiago
<p>Being persistent is the only way to get short sales to close but when I got BOA's latest request I was floored.</p>
<p> </p>
<p>Sign Purchase Contract for both real estate agents - No - against contract law in IL</p>
<p>Have individual names on Hud-1 - Against IL Real Estate Act 2000 - only sponsoring brokers can get commission.</p>
<p> </p>
<p>I posted on this short sale forum and also wrote on my…</p>
<p>Being persistent is the only way to get short sales to close but when I got BOA's latest request I was floored.</p>
<p> </p>
<p>Sign Purchase Contract for both real estate agents - No - against contract law in IL</p>
<p>Have individual names on Hud-1 - Against IL Real Estate Act 2000 - only sponsoring brokers can get commission.</p>
<p> </p>
<p>I posted on this short sale forum and also wrote on my <a href="http://activerain.com/blogsview/3659749/bank-of-america-rethinks-short-sale-request-due-to-social-media" target="_blank">Active Rain blog</a>. It pays to express your opinion especially when you have the facts to back it up. Received call yesterday from Bank of America representative who had read one of my blog posts and my case was put into an escalationg team. Received call from negotiator's supervisor who after many words admitted that we did not have to sign contract since in IL it's against the law. A compromise was reached on having individual names on the Hud-1 - names will be in parenthesis after our brokerage names.</p>
<p> </p>
<p>I do everything I can to meet bank requirements on short sale documentation. I will send the paperwork as many times as they requested even if its a waste of time but I will not break the law for the bank or anyone else.</p>
<p> </p>
<p>If we don't stand up for ourselves who will? Bank of America admitted that their checklists are not state specific and that they will work on that going forward as they try to make the short sale experience better for everyone.</p>
<p>Out of curiousity if you know of any state in the country that requires real estate agents to sign the purchase agreement/contract please post as a comment.</p>
<p> </p>
<p>Use social media to correct issues that you have not reached by normal escalation. </p> We HAD A FULL OFFER - Bank of America FORECLOSES on Family - Wife on Heart Transplat Listtag:shortsalesuperstars.com,2013-03-06:3468065:Topic:3001522013-03-06T00:58:34.000ZTrinahttps://shortsalesuperstars.com/profile/Trina
<p>Hi All,</p>
<p>I am usually the one who sends people here on SSS info on how to escalate files and give out contact info but today even though we had submitted a FULL FMV CASH OFFER Bank of America FORECLOSED on a family of 5 ... the Wife/Mother is on the list for a HEART TRANSPLANT ...there are 3 small children ... the Dad/Husband works THREE (3) part time jobs to try to take care of his family</p>
<p>The family was lead on until Feb 15th about a Loan Modification ... the Agent listed the…</p>
<p>Hi All,</p>
<p>I am usually the one who sends people here on SSS info on how to escalate files and give out contact info but today even though we had submitted a FULL FMV CASH OFFER Bank of America FORECLOSED on a family of 5 ... the Wife/Mother is on the list for a HEART TRANSPLANT ...there are 3 small children ... the Dad/Husband works THREE (3) part time jobs to try to take care of his family</p>
<p>The family was lead on until Feb 15th about a Loan Modification ... the Agent listed the house and in 3 days we had a $40K CASH offer ....</p>
<p>Bank of America rejected the offer and rejected the postponement of the FC on the 19th stating that they needed an offer for $43K</p>
<p>On Feb 26th we actuallu got them a $45.5K CASH OFFER submitted ALL paperwork requested</p>
<p>We were told by the EQ Negotiator that she should be able to get the FC ppd and we believed her</p>
<p>Yesterday she called and said that the offer DID NET what she needed and told me to tell the family NOT TO WORRY</p>
<p>LONG STORY SHORT ... Bank of America had another company SERVICING THE LOAN IN EQUATOR and they NEVER REQUESTED THE FC BE POSTPONED AGAIN??????</p>
<p>I have been processing Short Sales for about 8 years and have NOT lost one with a FULL OFFER ever ... and I have not lost one to FC in almost 3 years</p>
<p>We called EVERYONE WE KNOW AT BoA .. including the President AND THE CEO's Office and got a lot of apologies BUT NOT ONE PERSON would call the FC Attorney and get the Sale postponed!!!</p>
<p>I am heartbroken for the family ... My team would have only made $1250 so it IS DEFINITELY NOT ABOUT THE MONEY ...</p>
<p>WHAT IS WRONG WITH EQ and BoA?????? They are REALLY slipping and with FNMA killing ever other deal with their crazy inflated values WHO CAN FIX THIS??</p>
<p>ANY IDEAS or ANY CONTACT INFO THAT YOU CAN SHARE???</p>
<p>Has ANYONE ever had the Bank help the DAY AFTER THE FC and get it back into SS Status?</p>
<p>Thanks for listening ...</p>
<p>Trina</p>
<p>770-943-1888</p>
<p> </p>
<p> </p>
<p> </p> BOA declined my short sale because the appraisal come in below the agreed upon price and I get this...tag:shortsalesuperstars.com,2013-02-26:3468065:Topic:2984442013-02-26T00:24:52.880ZTABETHA SIBLEYhttps://shortsalesuperstars.com/profile/TABETHASIBLEY
<p><strong>Ok Let me give you a little history to this BOA file. Everything has been handled in Equator. When first negotiated the homeowner qualified for HIN plus HAFA so they got both incentives which was submitted to the investor for approval. I received a letter stating that I was to list the property at $62,000 and if I were to get an acceptable offer they would honor it and give them HAFA money etc. Before I could reduce the price I got an offer of $72,500 asking for 3% seller…</strong></p>
<p><strong>Ok Let me give you a little history to this BOA file. Everything has been handled in Equator. When first negotiated the homeowner qualified for HIN plus HAFA so they got both incentives which was submitted to the investor for approval. I received a letter stating that I was to list the property at $62,000 and if I were to get an acceptable offer they would honor it and give them HAFA money etc. Before I could reduce the price I got an offer of $72,500 asking for 3% seller concessions. The bank accepted and resubmitted to the investor at which point I was told that the HO does not qualify for the additional incentive. I balked, I was confused, and I was told, take it or we will not do anything and foreclose. So the homeowner agreed to the 3k HAFA. We get the approval letter and the home buying process continues The appraisal comes back @ 70k. . I email and email and email, cc everyone in the Equator system.... NO response until after the expiration of the approval letter. I get an email stating the homeowner was entitled to the HIN plus HAFA and we need to resubmit it back through so he gets it from the closing dept. Two days later I get another email from the same closing person stating that he is no longer eligible for HAFA and that HO may be eligible for an another incentive. I ask to speak to a supervisor and he states to me that the negotiator made a mistake and that he was eligible for the HIN and HAFA as the HIN comes directly from BOA and has nothing to do with the Federal gov't. I said ok great so why did I get an email that he is no longer eligible for HAFA two days later. I was told that that person was incorrect and was being coached and the negotiator is being coached too for their mistakes. I get a call from the negotiator the next day and she says no way we are reducing our price, I am not going back to the investor this is what they will take. You either close or we hard decline the file. I was told the HO is not entitled to any additional HIN money and that they were declining the file. I get this decline letter today.....</strong></p>
<p><strong>We have reviewed your request for participation in the federal government’s Home Affordable Foreclosure Alternatives (HAFA) Short Sale Program. Unfortunately, we are not able to offer you a HAFA Short Sale or HAFA Deed in Lieu of Foreclosure at this time.</strong></p>
<p><strong>Per the federal government’s guidelines, you are not eligible for HAFA at this time because we did not receive your fully executed HAFA Short Sale Agreement or a written request for consideration of a short sale agreement or alternative request to approve a short sale on or before August 20, 2012..</strong></p>
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<p><strong>WHAT!! Everything has been in to them!! We were ready to close! Anyone have these experiences or guidance would so be helpful!</strong></p> Will Banks Approve a Sale that includes an IRS 1031 Exchange? Has anybody run into this?tag:shortsalesuperstars.com,2013-02-07:3468065:Topic:2952782013-02-07T18:46:45.827ZBeth Larsenhttps://shortsalesuperstars.com/profile/BethLarsen
<p>Hello Everybody,</p>
<p></p>
<p>Just received an offer on a short sale listing (B of A 1st, Chase 2nd).</p>
<p></p>
<p>The contract stipulates that the sellers cooperate with the buyers' 1031 Exchange. It's been a few years since I've even seen a 1031, let alone on a short sale.</p>
<p></p>
<p>Has anyone had one? And if so - were you successful in getting it approved and closed?</p>
<p></p>
<p>What should my sellers consider before accepting this offer, please?</p>
<p></p>
<p>Thanks in…</p>
<p>Hello Everybody,</p>
<p></p>
<p>Just received an offer on a short sale listing (B of A 1st, Chase 2nd).</p>
<p></p>
<p>The contract stipulates that the sellers cooperate with the buyers' 1031 Exchange. It's been a few years since I've even seen a 1031, let alone on a short sale.</p>
<p></p>
<p>Has anyone had one? And if so - were you successful in getting it approved and closed?</p>
<p></p>
<p>What should my sellers consider before accepting this offer, please?</p>
<p></p>
<p>Thanks in advance for any experience you can share.</p>
<p></p>
<p>Beth Larsen 928-284-2501</p>