BofA won't postpone trustree sale because seller missed 12 payments
Everything submitted, good offer and hardship package. BPO has been ordered but isn't back yet. Sale date is July 20. Postponement department won't push it back due to the delinquincy of 12+ months, and due to it being a new file so close to the sale date. I think the number of missed payments is the main obstacle, having a complete submission more than a week before a sale date has never been an issue before.
The negotiator said they'll work on getting it to the closing department, and they could possibly get the extension. BPO agent hasn't been to the property yet, so the valuation has a ways to go yet.
Does BofA give their negotiators less decision making ability than other lenders? What should I do? Thanks!
Replies to This Discussion
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Permalink Reply by Dan Parrish on
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Just found out from seller - first missed payment was October, 2010. But the prior 6 payments were trial payments for a loan mod. The total shortage of those 6 trial payments adds up to an amount less than 1 normal payment. So in dollar terms, they are less than 12 months behind. I would be surprised if I can't get this resolved, but any tips certainly appreciated.
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Permalink Reply by Kimberley Kelly on
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I think they'll go for it. What state are you in??
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We're in Las Vegas. $230,000 sales price, BofA first balance is around $350,000 and BofA HELOC (taken out at time of purchase, no withdrawals since) is around $64,000. So combined sellers are upside down about $185K before costs.
Kimberley Kelly said:I think they'll go for it. What state are you in??
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Permalink Reply by Craig Bartels on
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I have yet to figure out BofA on some of these. I have some short sales seller hasn't made a payment in 18-20 months and each time Sheriff's sale comes, they yank it off list(even though at that point we didn't even have it listed yet), then others that are 9 months behind that BofA is sending to Sheriff's sale, I guess it must be the type of loan, amount of loan, etc, etc...
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Permalink Reply by Beverly Cibulsky on -
Dan,
Do you know who the investor is? Perhaps you could escalate to the investor! (or at least someone else in BOA) Hopefully someone can post a good contact for you!
It would be favorable is the investor is Fannie Mae You could call 1-800-7Fannie
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Good idea, Beverly, it is a Fannie Mae loan, fortunately. We'll pursue both avenues (servicer & investor) at the same time. Turns out trial payments count as missed payments for the purposes of determining how many months a borrower is delinquent.
I can see why BofA is buried in litigation.
From the agents I've spoken to, the consensus opinion seems to be if you need a postponement, you need to already have your approval letter and have your file in the closing department.
Thinking ahead a little bit here.....if the house does end up going to sale, what about BofA, or Fannie, allowing the short sale to proceed post-foreclosure? I've heard of that being done on occasion when the case for postponement was strong.
Beverly Cibulsky said:Dan,
Do you know who the investor is? Perhaps you could escalate to the investor! (or at least someone else in BOA) Hopefully someone can post a good contact for you!
It would be favorable is the investor is Fannie Mae You could call 1-800-7Fannie
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Permalink Reply by Beverly Cibulsky on
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Dan,
Do call Fannie ASAP! E-mail your third Party Authorization to [email protected].
They will instruct you to use Fannie Mae Assistance Desk, so if your MLS is partcipating, this might be your only source.
If your MLS is Not partcipating, you need to explain that to them.
Dan Parrish said:Good idea, Beverly, it is a Fannie Mae loan, fortunately. We'll pursue both avenues (servicer & investor) at the same time. Turns out trial payments count as missed payments for the purposes of determining how many months a borrower is delinquent.
I can see why BofA is buried in litigation.
From the agents I've spoken to, the consensus opinion seems to be if you need a postponement, you need to already have your approval letter and have your file in the closing department.
Thinking ahead a little bit here.....if the house does end up going to sale, what about BofA, or Fannie, allowing the short sale to proceed post-foreclosure? I've heard of that being done on occasion when the case for postponement was strong.
Beverly Cibulsky said:Dan,
Do you know who the investor is? Perhaps you could escalate to the investor! (or at least someone else in BOA) Hopefully someone can post a good contact for you!
It would be favorable is the investor is Fannie Mae You could call 1-800-7Fannie
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Update - We did get the postponement the afternoon before the trustee sale. The BofA negotiator was so responsive & helpful we didn't go the escalation route. Fannie Mae repeatedly stated any postponement request would have to come from the servicer, didn't get anywhere with them. BPO got turned in before they agreed to the postponement, that appeared to be essential for any decision to be made.
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Congrats. Remember that the Foreclosure pipeline is jammed right now, so they are more amenable to extending Foreclosure dates. Still..as I read this stream, I too have to agree, that here in California as well, you never know why some properties will not be extended and some are allowed to sit vacant for 2 years and more..or have squatters in them. It's a non-sensical approach to lowering the inventory. Good job.
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