BOFA Did it again!!!! Short sale approved. Approval letter being worked on and I could not get it last Friday or this past Monday as I was told I would. Tuesday, Wednesday and even yesterday received an email stating trying to get the letter to me if not today, than tomorrow. Closing already scheduled for Tuesday morning. File submission to approval in 48 days.
Today get a Decline Notice:
"This loan was service released 11/15 to Select Portfolio at 800.258.8602. The short sale transaction currently in process has ceased, so please contact the new servicer to begin working with them. Thank you, Pamela"
Can you say Frustrated???????????? I mean really BofA?????????????????
Yes, I understand the process, just I was not advised that this loan was scheduled to be sold off and I was not told the same as well. I had been waiting for the actual approval to be sent. I had confirmation since a week ago Friday that I would have it, then, everyday thereafter. Absolutely no mention of the file being sold off. That's what is so frustrating. Thank you so much for your response. Have a great day!
Thank you! I am familiar with SPS I have another SS with them. I already emailed the entire file to them. I am hoping that I can push this through this year. I have a couple people I am dealing with who seem to know what they are doing, so I will see if they can pull this file to work on it. I will let you know. Thanks again! ;-)
I just had the same thing happen to me too. We accepted their counter offer 2 1/2 weeks ago and I was waiting for the bank approval letter. Well, yesterday I got a call from the negotiator telling me they sold the loan to REsurgent Mortgage SErvicing and that I need to contact the new company. On top of that, this property has two mortgages and I had the 2nd already approved. I will have to start all over.
I also had it on another one 2 months ago and it was the same thing at the end. They sold it to Greentree Mortgage. It really can be frustrating because we put over 2 months on getting the short sale done and we get to the end and find out they sold the loan.
Hopefully your new company will be easy to work with for you...wish you well.
I understand your frustration. I had a deal that had an approval letter with 5 days to close, they knew it was to be sold and would not tell me. We had to start over. Generally it takes at least 30 days for the new servicer to get the assignment and issue a new loan number, and they wont' even speak to you until you give them a new authorization letter which of course has to have the new loan number. That means waiting for the "welcome package" to the seller, or they have to call repeatedly until they can get the new loan number. Closing before the end of the year is doubtful. If you can pull it off differently, please let me know how. I just had one that was sold off after 3 months, and being ready to be approved, and the seller never did get a "welcome package" and it took 45 days for him to get a loan number. There are lots more, but those are the worst. We all probably have "horror stories"!
This problem is on the increase. There should be a way to code this loans so they are not included in the bulk sale. Computer-wise, its an easy fix. I don't really understand why these loans that are so close to being completed with a short sale can't be excluded from the sale. I've actually heard of some cases where the loan had been service released a couple of times and ended up where it started. The changes needed have to be at a much higher level and can't be done on the low levels we deal with. This issue needs some national attention. Can you say, write your senators and congressmen. This is really harming the buyers and sellers.
I had one with SunTrust, with investor for approval, sold to Seterus, then almost aproved, and back to Sun Trust, this has been going on since March!
Because BofA has such a high volume of loans, Freddie Mac is reassigning to other servicers. Loans are not being 'sold off', they are be service-transferred. Why Freddie Mac is doing this at the 11th hour in many cases (I had one where we waited 3 months for approval and then were 6 days from closing when the file was transferred to Nationstar), is beyond me. But it is what it is.
I still can not believe this process!! So the Buyer and Seller are damaged but what about us, the Realtors, I mean how much pro-bono work can we do and still stay in business. I wonder what would happen if we did not do short sales for BofA. Yea, I know someone else would so what does that mean, someone else is doing the pro-bono work? What would happen if we asked for part commission on the front end. The problem is BofA has 'no skin in the game'. I believe in karma but I also believe in paying my mortgage!
I had BofA do the same thing to me so i stopped working the file until I got the SR info. sellers even received a letter at home letting them know the loan was going to be SR. I waited for the service release date called them back and they said to disregard the notice to SR and close the file. We had a closing date 10 days out and they would not give us an extension to close. Seems like they want these files to fail.
This is NOT BofA, but Freddie Mac creating all the frustration and chaos. Who's ready to take on Freddie Mac?