Three Requests Please.
I started a new freddie mac short sale with BOA. The negotiator has been unresponsive in regards to direct questions being asked of rejected documents in the task menu. I had to escalate and finally found out what some of the issue was. I would have never known had I not had communication directly with a negotiator or anyone with BOA. I then emailed her manager with no success. I then emailed all of the parties with boa on the email that I could. No response.
In the past, I have had negotiators to call and answer direct requests via email. They were timely and addressed the situation at hand directly. Has BOA made a new policy change and decided not to respond to direct requests?
What can you do when your negotiator or anyone affiliated with that file on equator refuses to respond to direct communication requests for clarification? I requested the supervisor call but I did not have any success. The escalation was responsive and provided clear direction. If you have to work on a file for a while and you have an unresponsive negotiator, this seller has no chance.
Secondly, the instructions on BOA to submit 4506T were followed correctly but the 4506-T has continuely been rejected. Again, no response from negotiator as to what is the issue with this document. I have put a word out to escalation again.
Finally and most important, the property I am working with has raw sewage that smells. It is visible and in the pictures submitted to boa. Damage to the property is visible outside and inside, termite and rat infestation too. Seller's property disclosure states the conditon of the property with raw sewage, active termite infestation and rat infestation. The raw sewage alone could get the house condemned. When the photographer for the bpo agent came out for the pictures, the raw sewage smelled. There was no doubt that this is raw sewage. The BPO came in at full retail value. How can that be? How do I dispute a severly inaccurate BPO? Aren't the BPO's supposed to take in to account the condition of the property rather than provide a move in ready valuation?
Thank you in advance for your help in this situation. You guys deserve Capes!
You certainly have a CFPB worthy servicing complaint. BOA is seriously harming your client by not allowing them fair access to foreclosure avoidance. BOA is putting your client at high risk of foreclosure by denying them a fair valuation of their home, by refusing to communicate with you, and by not allowing you to provide required documentation. Click on the CFPB link in this message and make sure you let CFPB know in great detail how much harm is being done to your client by BOA. I guarantee you will be contacted in less than 24 hours by a negotiator from the Office of the President who will personally handle your transaction through completion. Be sure to watch for the BOA response to your complaint (you will be notified by email from the CFPB when they respond). Unless you have a short sale approval, counter their response, because - mark my words - it will not accurately reflect your experience. This will insure continuing attention from your negotiator until you have an approval.
I have used this CFPB resource a number of times with different lenders and it has gotten the problem solved every time.
Feel free to call me if you have any questions. I also can handle the negotiations for you if you're sick of dealing with BOA!
Brenda Houghton, Realtor
Keller Williams, Southlake
Excellent Brenda! A true Super Star!!!
In my experience, the BPO does not necessarily rule the transaction, especially with a GSE, and the value the negotiator gives you might have no bearing on the BPO. I have called the BPO agents and asked if the value they submitted was the value the bank determined and the answers have been no. It is particularly troublesome on damaged homes because most real estate agents who submit BPOs on damaged properties have absolutely no training nor understanding of how to properly assess a damaged property. They could not provide an estimate of repairs to save their lives.