Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 16, 2013 at 4:33am

The largest banks are selling all of their marginal loans to "Non-Bank" servicing companies so they are not governed by banking law.  I suspect this will be a no-win situation and you should think about how much time you have wasted and how much more you want to waste.

Best of luck,

Permalink Reply by Gregory J Bermes on August 16, 2013 at 4:35am

Hang in there is all I can say. I have been the buyer with BOA as the seller in completed foreclosures and one short sale. My most recent completed foreclosure purchase (vacant lot) was held up a couple of weeks by BOA. Turns out they paid more out of their pocket in closing costs than I did all together!! (Yeah, I got a great deal!). Try to view it from the bank's side as well, even with a short sale. Which party in the transaction is being helped, and who is taking the loss(es)? I personally try to avoid financial losses - not rush into them.

Permalink Reply by Alexis Adams on August 16, 2013 at 4:55am

GT implemented a new system for Fannie Mae short sales making the process a nightmare. Given that it is a Fannie Mae loan, luckily they will tell you what the property is valued at and if not, go to www.homepath.com and get Fannie Mae involved. GT has gone to the dogs - I would almost prefer Bank of America at this point. Good luck :)

Alexis

[email protected]

Permalink Reply by Christina Waymreen on August 16, 2013 at 5:00am

;-). I've gone through them before on another file and they did not do any better. But I will try again.

Permalink Reply by Diana Squires on August 16, 2013 at 6:02am

I'm not sure how much good this would do, but you may want to bring this to the attention of your representatives and state senators.  All of this poor performance flies in the face of the spirit of helping distressed homeowners, not adding to their nightmare.  We shouldn't be too quick to just accept the bungling on the part of these servicers....they still have a duty to make a reasonable effort with short sales. 

Permalink Reply by Christina Waymreen on August 16, 2013 at 6:12am

I agree. I am putting together all the files with the time-lines, emails, ridiculous requests, appraisals, fannie mae replies via the negotiators, and sending them to somebody in Washington. I will also copy in as many people as I can. We've tried Governor, Senators here but as it turned out they are not on the side of the populace and sent us generic responses and half-hearted attempts of pretense of helping. I just now need the time and energy.

Permalink Reply by Diana Squires on August 16, 2013 at 6:31am

When all else fails.....try the media too!  We've had success with that, because the banks hate bad press.  It's been pretty easy in this market to fill a "live report" time slot.  Also, I've thought about newspapers as well.  If your city newsroom has an investigative reporter, they might have some interest in this.  Good luck!

Permalink Reply by ElizabethWeintraub00697006LyonRE on August 19, 2013 at 9:01am

Perhaps I've just become hardened to the insanity over the years, but I actually don't believe this is that unusual. One thing I have learned from doing short sales such as these is I have developed a tremendous amount of patience, patience by the bucket loads, which I had no earthly idea that I possessed. 

My advice is resubmit to Green Tree and just keep on truckin'. Green Tree has 90 days to process the short sale, and they tend to use almost every day, but at least it eventually gets approved. The worst that could happen is it won't appraise at the value Fannie Mae demands, but with one exception, Fannie Mae generally will back down and accept the buyer's lender's appraisal at that point.

Permalink Reply by Christina Waymreen on August 19, 2013 at 9:14am

Elizabeth, thank you. If sainthood is determined by the amount of patience we dole out on a daily basis my halo shines, as well as yours, for sure. I am trudging on as I owe it to the poor buyers and sellers to see it through.