HELP! After 10 months of short sale work with my client and Bank of America, just before we get to closing, B of A sells its note (mortgage) to another lender. What is going on? I can't believe it. I don't know if we will continue to do the short sale with the new lender or if we are heading into foreclosure. Can anyone help me?
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I just had this happened to the file that I am working with BofA. Last week we were told the file was approved for the Co Op streamline short sale program and then today I received a notice on Equator that the file was denied due to change in servicer. Bayview Loan Services is the new servicer for the loan. I called Bayview and of course the file is not in the system and it could take up to a week before we can start any movement on resubmitting the short sale packet. UGH.....
Unfortunately, I am losing faith in Bank of America....
Thanks for the post! I've been working a SS with BOA for about a year and i'm awaiting approval from investor. We are about 3 weeks away from the sheriff's sale date. I wonder if they are gonna pull this B.S. on my file?! Anyway to prevent or foresee this happening?
This is happening often at Bank of America as they are selling a massive pools of loans. If your short sale wasn't approved you will have to start from the beginning with the new lender. Check out my blog post on service releases.
Hello Brent, the new servicer is Nationstar Mortgage LLC. We were very surprised by this move. We have been calling everyday since the letter went out (notice date - September 26th, 2012) but have been told by the new servicer that we will have to wait till October 21st.
You're the 2nd person I've heard that happen to. Someone on the "other board" reported their approved short sale going to Nationstar as well.
Brett - nice write-up. Do you know how many will end up going to Nationstar? Maybe it's a Western region thing?
Not surprising, they made the announcement a few weeks ago that they're selling a large amount of loans. I can't remember the dollar amount off the top of my head.
Can you share with us who the new servicer is? I'm trying to get an idea where they're going.
I had the same situation this month Joe. Our loan was a BoA approved cooperative short sale and also was successfully bid at auction per BoA's offer to do so and then BOOM it was sold to Select Portfolio Services. I have found that we need to submit a new short sale package to the new service provider and see what happens. Good Luck!
Thank you Suzanne. I really feel that there is some funny business going on with B of A.
Hello Joe,
That's the potential nightmare us agents always face when working short sales. That's why it is so important to work as fast as possible so this doesn't happen. Unfortunately for you in this case all you can do is have both you and the borrower contact the new servicer until they are in the system. Get a short sale package for the new lender and get it ready to present 100% correct as soon as you can.
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