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Permalink Reply by Deborah McGraw-McCormick on September 9, 2011 at 11:25am

okay, no reply?  Please folks, give this lady an ease to her unease!  Dont get this silence. Is this normal?  thnk you.

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Permalink Reply by Bryant Tutas on September 9, 2011 at 12:53pm

What's ATP stand for? Your question is not clear.

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Permalink Reply by Deborah McGraw-McCormick on September 9, 2011 at 1:19pm

sorry. .  ATP...approval to participate. I am concerned,  the closing agent did not even verify that she received the required docs, the purchase contract, the mls listing, and the mls listing agreement.  I am asking,  is this normal for BOA, Bank of America, to not communicate at this point?  It makes me very uneasy that no one is answering. Is this normal? it is an FHA loan. I have never worked with BOA before. wanted anyones experience with them in  an FHA deal.  Thanks Bryant!

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Permalink Reply by Bryant Tutas on September 9, 2011 at 11:53pm

Deborah. How long has it been? It takes weeks to get any movement with BofA. Did you send the documents to the right department? FHA is handled outside of equator. Do you have a buyer for the property? Just do the best you can. Stay on top of them with weekly calls and they will keep the file moving (assuming you gave them a complete file to work with).

The key to not getting stressed out with short sales is to know exactly what needs to be done then doing it. We can't control th elenders but we can make sure we have done outr part. Once you've done that then just concentrate on listing and selling more.

 

The FHA PFS with BofA is going to take MONTHS not weeks.

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Permalink Reply by Kristy Hamilton on September 9, 2011 at 4:04pm

ATP is not a short sale approval.  It sounds like you are at the onset of the short sale.  When I get a listing agreement, we send our third party authorization and list of items for the seller to send to us:  hardship letter, most recent 60 days of pay stubs, most recent 60 days of all bank statements, detailed list of expenses and 2010 and 2009 tax returns (w-2's included depending upon the lender).  Then, we have short sale documents from different lenders that require some of their own forms for completion (these can be found on the lender's website.)  Bank of America has some documents that you can complete for an FHA loan.  I know that I am so busy negotiating these short sales that we are having to come up with some quick methods to keep track of contacts beyond responding to lender requestes and Equator (short sale communication website) tasks.  I will be the first to admit, that I am struggling to keep up with phone calls and buyer's agents wanting status updates.  I totally understand how important it is to keep all parties updated, but short sales are very time consuming and time management along with file management is a challenge.  Our new goal is weekly contact on each file, whether it yields any new information or simly reaffirms the parties that we haven't simply forgotten about them but that we are in a holding pattern at the mercy of the lender's case loads.  I have had some sellers help by contacting the short sale/loss mitigation departments to check status.   Some of our listing agents have helped by making some status check phone calls, too.  That should be the extent of the call, though. You can probably find the contact number for your lender's short sale/loss mitigiation department on this website.  You will need your loan number handy.  You can just say that you want to check the status of your short sale. Oh, sending in your updated financial is SUPER helpful.  The lenders want to keep the files up to date with the most recent 60 days of pay stubs and bank statements, so when you get a new one, send it on.

Hang in there and best of luck to you all!

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Permalink Reply by Deborah McGraw-McCormick on September 10, 2011 at 5:29am

Thanks Bryant.  Heres the deal........its already been months! ( 5 months)  Up until this, the negotiator was in contact with me almost every day.  ONCE I was assigned to this closing agent, I received her requests for the purchase contract, mls listing and agreement, HUD. Got those back  to her. I have been contacting every other day with NO return calls or emails. Its like she disappeared or something!  Im calling Mon again to get some answers.  Im just uneasy because NO COMMUNICATION, after receviing what they wanted?   Our purchase price was what they asked for. Yes I will stay on top of them. The homeowner was even being called by them. she hasnt heard a word either.  Patience..I have plenty! lol....just dont like no correspondance. Thats too weird. IVE only had a negotiator ignore me, once before. I ended up having to get a US Senator involved. wow. all of the sudden I had all sorts of comuunication. and was able to get the deal closed.  SO I get what you are saying. I just thought we were at the point where we were in better shape. I realize that isnt so. NOT in best shape until I have approval in my hand and have buyer! ready to go!  thanks again...amazing the hoop jumping...:) but I can jump with the best of them!!  lol

 

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Permalink Reply by Eric Mieles on September 11, 2011 at 11:32am

Deborah,

Okay so 1st, have you just been trying to call the negotiator and no one else? Have you tried calling BOA and getting a rep on the phone to ask what's the most updated status and notations on the account? Also please try twitter.

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