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Short Sale Decline letter from B of A..talked to investor and he didn't decline short sale!

Posted by Kelly Magreevy on August 13, 2010 at 3:02pm in Short Sale Discussions
Has this happened to anyone? I think it is a case of the files getting mixed up with someone elses. I contacted the investor who is a local community bank and he is the direct contact for the individual investor. He was really surprised that there was a short sale negotiation and knew exactly what property I was talking about. I asked him if I should tell the buyers' agent that the sale was declined or wait and he told me to wait! Has anyone come across this scenario before? My short sale is closed out of Equator so I am assumming that I have to start all over again, correct?

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Replies

  • Jim Schneider March 8, 2011 at 6:31am
    Send in a qualified written request to the servicer's correspondence department. The address will be listed on the seller's mortgage statements.
  • Kelly Magreevy March 7, 2011 at 8:13pm

    Hi Lisa,

    Another way I found out is the negotiator let it slip when she was reading the notes in the record. Maybe you can do a little trick mention to the negotiator that so and so is holding the loan correct? And then ask them who is it and this information is something that you really need to know.

    I would also try again with the sellers and see if they had received any notification on who holds their loan. Wish you the best of luck.

     

    By the way everybody, my short sale is closing THIS FRIDAY!  Yay!

  • Lisa March 7, 2011 at 1:21pm
    The original loan on this deal has been sold so many times I cant tell who the investor is, of course BofA wont tell me, I had title try to do a search and they cant tell either. Do you have any other suggestions, does any one have any other suggestions as to how I can find out who the investor is? I have a feeling that the investor on this deal has no idea that we have an all cash offer where the seller is willing to contribute. They gave us a counter through equator which we accepted and 3 hours later we got a denial letter, I dont see how they could have even presented the approved counter to the investor. PLEASE HELP! Thanks so much!!!
  • Kelly Magreevy March 6, 2011 at 12:09pm
    read my previous thread..look at the orig loan paperwork...
  • Charles Lott March 6, 2011 at 12:04pm

    how do you get around the banks to contact the investor on these deals???

  • Brian Del Terzo March 6, 2011 at 11:52am

    Short Sales will be closed out of equator "Short Sale Declined" if timelines are not met.  For example if the submit offer task is pending for more than 14 days or so, or if you don't respond to a counter before it is expired.  These types of declines are completely independent of an investor reviewing the sale.  The investor will never see the offer if you don't have all of your ducks in a row for the BAC negotiator.  Hope that helps.  You will just have to r-initiate the sale right away so you don't lose too much time.

  • Kristy Hamilton March 6, 2011 at 9:19am
    I am a short sale coordinator for a real estate law firm.  I had a file brought to me by a realtor that typically negotiates her own short sales.  She had received an Equator message of a decline and she was totally aggravated.  So, I went into Equator to begin working on the file when an Equator message came through that they had accidentally declined her submissions.  So, I know that mistake could happen.  If they do not specify why they declined the offer, I would send a message to the sender of the decline message asking what was the reason for the decline.  Hope it all worked out!
  • Kelly Magreevy March 6, 2011 at 9:18am

    To Elaine:

    Thanks and B of A had a fit when I contacted the investor. The investor was ticked off at B of A that they didn't do their job and the listing agent had to call him to get things rolling again. According to B of A, you cannot call the investor. They are the service provider and are getting paid to service the loan. But when you get bad service and it is doing a dis-service to your client I think that it is your responsibility to contact the investor if you have the information available. Honestly, I believe this would have went to auction back in August, yes, August if I hadn't contacted the investor. On the 15th trustee sale postponement now but it is closing in two weeks maybe sooner...

    Elaine Pappas said:

    Great thread of info here and congratulations to Kelly!  I'm curious though about the investor part of this.  Is it OK to contact the investor and if not, why?
  • Kelly Magreevy March 6, 2011 at 9:08am

    Hi Lisa,

    Look on the original loan paperwork for the investor. That is what I did with mine and it turned out that the investor was local. In fact, I drive by his office every day! If the loan has been sold, then I would ask your sellers when they were notified when the loan was sold to whom was it sold to. If it is Freddie Mac, I have an EXCELLENT contact person to call that helped me on my last short sale that just closed. 

    Let me know if you have any further questions. I just got a listing appointment for sellers that have AFC. Never worked with them. Can anyone give me some advice? Also, has anyone had any success with HAFA? I believe my clients would be perfect candidates for HAFA. I have not done a HAFA short sale before. Thanks!

    • Becky > Kelly Magreevy July 11, 2012 at 9:08am

      Hi Kelly, I'm having trouble on a Freddie Mac short sale. Service Link accepted our buyer's offer but when that sent it to Freddie Mac they declined it for the age of delinquency. Now I'm trying to reach Freddie to try to convince them to approve it since we can close by month's end but no one seems to know any more than the servicer. Any ideas what I should do?

       

      Becky Baquero

      908-418-7020 cell

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