Co op Short Sale with B of A now stalled in their "legal" department
I'm a seller who is soooo frustrated with Bank of America. After a year and a half of trying to nogotiate a modification, and my finally giving up on them, they contacted me and asked if I'd be interested in doing a Cooperative Short Sale. We went through all the requirements, did all the paperwork, had the appraisal, received the selling price from B of A, got a realtor, listed the house, got 2 offers immediately, submitted the offer to the negotiator, etc. Now, 3 months after starting this coperative short sale process, I find out that there is "litigation" with my junior note.
Bank of America gives me a contact person for the local attorney representing them. The girl who answers the phone at the attorney's office (Castle and Stawiarski, LLC in Albuquerque, NM) tells me a new "file" has been opened (weeks AFTER we submitted the offer to the negotiater at Bank of America! ) But the attorney's office refuses to give me any details about my own case. She says its public record and I'll have to do my own research. I asked for a court cast number and she says I have to find it myself. I went to the courthouse and there is no record of anything on me or my property. I called Bank of America and they say there's nothing they can do because it is in "litigation." I don't have an attorney so the only litigation must have been started by their own office!
It is an absolute run around. I've emailed everyone I can find addresses for online for Bank of America, and most come back undeliverable. I've tweeted as suggested in other posts, but have to start over each and every time and they tell me the same thing: there's nothing they can do because the case is in litigation. I've emailed, called, faxed every attorney in the local office Bank of America referred me to, but no one ever responds. I almost feel like the firm is a scam - that there are no attorneys there at all. My realtor has given up. He said the negotiator he was dealing with told him he's given up, too.
Can anyone out there offer any suggestions? I'm stuck, my buyers have walked, my realtor has walked, and I can't find anyone who will help.
Replies to This Discussion
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Permalink Reply by Ann Howard on
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Are both loans with Bank of America?
Have you called the customer care center at Bank of America 1-866-880-1232?
If your realtor has walked they have agents that you can search who will assist you on their site.
They are very responsive, and they can look up your file and let you know where you are in the transaction.
For email addresses it is the negotiator's first name.last [email protected].
Did your agent have a preliminary title report run? It would show leins on the property.
Have you or your agent been in contact with the junior lein holder?
I am not sure how things are in your state but in California we negotiate both first and second loans at the same time.
Hope things work out for you.
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Permalink Reply by Taunya Crilly on
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Thank you, Ann. Bank of America has both loans. My realtor has been telling the negotiator from day one that there are two leins, and they seemed to understand. And as I understand it, both the first and second loans are negotiated at the same time here in NM as well. When I've called the Customer Care center, I'm always told about the "litigation" and that I need to talk to my attoryney (which I don't have). They then told me to talk to a person at their attoryney's office, and, well, I've written how well that went....
Thanks for your message!
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With two leins there are two negotiators, one with the first and one with the second, even though it is with the same bank they are separate, it usually is easier with the same lender. The second may have filed for notice of default but they cannot foreclose without buying out the first. I am really surprised with the responses you are getting from Bank of America, because of all the trouble they have had they are working especially hard to get the homes sold through short sales if they cannot do a refiance. You need to be strong and keep calling Bank of America Customer Care Center. Every time you call they do document the topic and time and also if your agent has dropped out, you should be interviewing experienced short sale agents in your area, unfortunately, and not to judge, I don't think your agent was experienced in dealing with short sales.
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Ann,
I agree with your comments. My realtor forwarded to me an email exchange that he had with the negotiator. I've copied it here for your review. Specifically, what do you make of the mention of the second lein?
"Date: Fri, Apr 27, 2012 at 2:18 PM Subject:
To: Terrance Irvine a href="mailto:[email protected]">[email protected]>
Hi Terrance,
I am not able to upload any offers through Equator. Attached are pictures of what my screen is showing for this address. I just executed this contract as of Monday the 23rd of this week. I have not even tried or had the ability to upload an offer through Equator. Now I have an offer ready to go and today was the first time I could even get anybody to talk to me about the second loan on this home. (#22806743- balance of $25,732.48) Please send this file up to your next level of supervisors and try to get this going without having to start over. Please!!!
Also, the second loan that has not even been negotiated on yet still needs to be addressed. This morning when I spoke with you about it, you told me to call 1-800-669-6607 to get the process going. You gave me a file number of #204061185 with the balance of $25,732.48, right? I called the number you gave me and they cant find the file. That number doesn't even match the file numbers I have received from the Sellers. What gives? I'm getting a bad feeling about this deal.
Also attached is the offer and a preliminary HUD-1. Hope that helps. I'm not trying to be a jerk, just trying to get this done."
I'm at my wits end..... Thanks for your comments, Ann.
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If they are not able to upload offers through Equator the loan is probably a FHA loan, currently the only way to get the offers though is via fax or via email. I am working on a short sale now that is a FHA loan and I am negotiating through emails. You need to get the process started on the second loan, you will need both approvals before you can close this. Your agent should be able to call customer care, they can start the process and get a negotaitor assigned.
Each loan has a different loan number, and every time your agent calls he is going to have to address it to the specific loan number.
Has your agent contacted customer care to address the issues? They are helpful and answer the phone, unlike some of the negotiators you get. Hope everything turns out for you.
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Permalink Reply by Wendy Rulnick on
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Taunya - For the readers here... who is in litigation with the junior lienholder? Who is the actual junior lienholder (mortgage company, servicer for the second)? Try having the title agent contact the law firm. Sometimes that helps... with the simple question, what would it take to settle their balance.
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Thank you, Wendy. The junior lien is also with Bank of America. We have told them from the beginning that there are two loans. Every document I signed and returned had both notes listed. When I aked the law firm what it would take to clear/close the account with them, they told me "get your house out of foreclosure." I respond with "If my house was in forclosure, wouldn't there be a record in the courts? Because there isn't one." I get no where. This is probably a dumb question, but who would the title agent be? The bank? Because they won't talk to their own law firm. At least, that's what the people at BofA tell me...
I appreciate your message!
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Have your Realtor twitter once again and explain this. If anyone can help, they can.
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Wendy,
Please see my update below.... I have no faith in the Twitter people, I'm afraid.....
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Permalink Reply by Katherine "Kat" Breig on
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Hi, Title would be with the Escrow Co. Escrow officers are usually very helpful with this. In CA we have NOD's which are public record. You may be able to go ony your local County Records website and check if a NOD has been recorded. The escrow company can also check the records for you. That's what I do in my County. I can check any county property owner by name and find out. Seems like the right foot doesn't know what the left is doing. You have rights and I would suggest you get into sugar coated "B" mode and let them know you have the RIGHT to know what is going on with your loan(s). I would suggest you construct a letter requesting the information be sent to you within 14 days. Who, When, What, Where, Why and Name, Rank, and Contact Information! Make sure your account numbers and your contact information is on the letter. Putting things in writing his hard to disprove. Fax it to each and everyone involved make sure your agent gets one or instruct him to do it. Also send them Certified mail. I can only imaggine how frustrated your agent must be as well as you! What goes on in the "SS" world is beyond my relm of coprehension sometimes.
Good Luck!
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Permalink Reply by Bryant Tutas on
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xxx
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