Comment

Comment by joe beauchamp on July 21, 2012 at 3:37am

Sue, I've dealt with BofA for 4 yrs and I haven't seen anything that you wrote which doesn't ring true. BofA added a bunch of hoops in June, a bunch of poorly QC'd glitches in April, Equator gives you no real status (unless your level of status is "we are doing a shortsale"). I call on multiple accounts usually every 2 days each - if you got a report from me, you'd have a lot of "nothing new". You are complaining that you don't get a lot of calls saying "nothing new". And how many agents would put up with "crap" like that? So, you see, your description might possibly mean that the listing agent is napping but much much more likely that he is on top of things. There is not info to be had..

Dawn, I also got surprised by a BOA letter to a seller about a Dept of Justice agreement and poof, my sale disappeared last month. Their SS people, loan mod people, home retention, cust svc people were totally unaware of it - several days later, I received (as an individual agent and NOT through Equator, come to think of it - still haven't gotten it) an email from BofA about "some DOJ loan mod" thing. In this case, we are a victim of BofA's natural inclination to roll over everyone including itself.

Comment by Dawn Harmon on July 21, 2012 at 2:44am

Wow, Sue!  I could have written the same post almost word for word!  Listing agents that DUMP the entire short sale off on a negotiator who rarely calls you back is just WRONG......after weeks of questionable excuses for delays......BofA this, BofA that....now the seller on my latest escrow is cancelling because they don't want to short sell....WHAT??  Negotiator says that BofA offered a loan mod.......WHAT?  Two months of waiting for approval after 365 days on market....and my clients hear THAT?  Just doesn't ring true....I would love to have the seller PROVE to my clients that BofA is offering a loan mod........the bottom line.....if that listing agent isn't a known GOOD, experienced short sale agent..........it's a WASTE of time.......the process is aggravating enough with a seasoned short sale agent~!

 

BofA needs to have an option for the BA to receive information, obviously not the financial data of the seller, but the communication stream of the approval process....without an offer.......there are delays.........without decent communication.........buyers walk.......

 

After 5 years of handling short sale listings, it is shocking to see what happens on the other side with some agents........

Comment by Sue Fitzhugh on July 21, 2012 at 2:31am

My buyers have been under contract for a BoA short sale since early May and listing said it was a bank approved price (previous buyer walked at new price after almost a year of waiting).  Took listing agent a month to ask us for partial socials.  Buyers love the house but are thinking listing agent not doing anything and it may never get approved. I tried emailing & calling listing agent and finally he had his "short sale processor" call me.  He said that there was a glitch in Equator at the end of last week where the file "disappeared" but they got it worked out.  He said that BPO is done and when I asked what the status in Equator was he said "being processed". There is a second trust with SunTrust and they're supposed to be doing that BPO this upcoming week.  Is there an Equator screen or report that I can ask the listing agent to send me to give my buyers some confidence that they are making progress? Any insight greatly appreciated.

Comment by joe beauchamp on July 20, 2012 at 2:27am

Dean, I have to marvel at the sheer obstinance and belligerence of BofA. Your boss tells you not to do something and you tell him to screw off. Yours is a prime story to bring home the point that the banks rule and just don't have to "cater" to anyone. Amazing.. I try to think how I could be an employee and actually carry out an action like that with no concern. Just really awe-inspiring. Oh, did I say, and not in a good way? Geesh..

Comment by Jan Sanderlin on July 19, 2012 at 1:17pm

@ Dean...Ask the Twitter team to connect the dots for you with BofA Legal.  The file is out of the loss mitigation department, so they can't hlp you unitl the foreclosure action has been rescinded.  It has been my expereince that it will take no more than 6 weeks for the rescission to occur.  The key is to get connected into the Legal Department and keep tabs on the rescission process. Good luck...You will probably be fighting with field asset managers to keep them at bay during this process. 

Comment by Anna Parker on July 19, 2012 at 11:04am

How frustrating - have a file in with them for review sin 6/21 & still NOT set up! Upper mgmt escalation request submitted last wk on 7/13...and today STILL not set up. What is the deal??

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 19, 2012 at 9:51am

FHA short sale, Missouri. Appraisal 62,500 Contract 60,000 no seller concessions. Foreclosure date 7/18. 7/17 HUD sent email to halt foreclosure and proceed with PFS. Emailed and called BA negotiator, no response. Twitter help. No response. Escalation email. No response. Called foreclosure attorney and they did not have any notice and proceeded with sale. Emailed HUD - reponse BA denied postponement anyway and foreclosed. HUD sent email to BA - "Rescind the sale and proceed with PFS. If sale is not rescinded immediately a claim block will be place on this loan" No one at BA will respond to any of my calls/ emails. Suggestions?

Comment by Esperanza Agbayani on July 18, 2012 at 9:01am

Yes indeed, just like any other RE transactions, no file is identical although there are certain protocols that is good to know.

Comment by Rochelle Castro on July 18, 2012 at 8:40am

That's why I only work with a Title who company who will provide a Preliminary Title report up front,  most of them don't.  They take care of the pay off demands.  I am doing a SS with BoA. 2 loans same bank. I called up the bank, I was ready to start negotiating the 2nd note, they said no worries, we will do it inhouse.  Just waiting on approval now.  I found out, that there is no standard formula to SS.

Comment by Esperanza Agbayani on July 18, 2012 at 8:28am

Pay off/ Demand on my files usually the title company sends it.

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