Bank of America - approved short sale but now they are changing servicers (loan sold)
Just received this from BOA: Please be aware, the lien on this property is scheduled for sale to a new Investor (non Bank of America) on 1/31/2013. This Sale will need to be closed by 1/29/2013 as we need to review and approve the Closing Docs, and require enough time to stop the Service Release. If this Sale does not close by 1/29/2013 you will need to obtain a new Sale Approval from the new Lien Holder.
We do have short sale approval but there is no way we will be able to close by that date. Spoke to the closing officer and his manager but no luck in getting this cancelled. I have already reached out in Twitter but they could not provide any assistance regarding this. Reached out to the negotiator also but no response as of yet. Any thoughts on who else can I escalate this file to?
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Permalink Reply by Sheyenne Schultz on
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Welcome to the world of short sales in 2012 and 2013. I've had many with 1 servicer, now sold to another. As soon as I found out who the new servicer was, I contacted them, sent in a package so they had it on file...but realize that the NEW servicer cannot LEGALLY do anything UNTIL they actually ARE the servicer...so u have to wait til the date that they are legally acknowledged as the servicer AND the new servicer now uses THEIR new LOAN #. Once this is done, since they already have the package and you've been communicating with them..the approval goes fast. I had one go from Citi to Carrington Mtg...and 3 days after Carrington took over, since I sent them the package as soon as I found out they were going to be the servicer and communicated with them every step of the way...on the 3rd day....they APPROVED the short sale and we closed in less than 30. So lots of times..this actually works out better...hope this works for you.
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