Comment

Comment by Evelyn Santiago on July 11, 2012 at 4:19am

I have 3 FHA files into BOA since April - Currently on phone again this morning and despite having submitted everything they want, going through the "waterfall" step, getting declined "officially" again for loan modification, tweeting and I even have a negotiator assign to one that on June 18 asked for updated paycheck stubs and bank statemements only to turn around on June 28 and asked again for updated financials because she wants a "perfect" file to submit...nothing is happening!! 

Does it take an act of God to get these files started!!! Running out of options...frustrated does not begin to describe what I feel. 

 

So much for streamling and improving system  Found out that they have HUD negotiators that are overseen by BOA employees. 

 

Who created this process should be fired and then tarred and feathered.

Comment by Smitty on July 11, 2012 at 4:15am

Patrick, I agree 100%.  I don't ever initiate until I have offer in hand.  I think it hurts the deal.  On the flip side, I went to initiate a file two weeks ago and was told it was already initiated..?? with some agent who was NOT negotiating the file.  What a mess that was.  I spoke with the agent and they said that they NEVER EVER initated the file. Never got homeowner loan number, entereed anytihng into equator..what a mess.  Someone is initiating on BofA's end and initiating it with wrong agents.

Comment by Sylvia Barry on July 11, 2012 at 4:15am

@Wendy - this is a big concern.  We (the buyer side) have been waiting for a BofA 2nd lien to get investor approval for quite sometime.  They said 5-10 business days.  Not sure if the listing agent got all documents in on time, but the 5-10 business days came and went and 1st lien needs to close soon. 

The listing agent is talking to the negotiator, she said it's in investor's hands. 

I have never had anything so slow before (after they promised certain # of days) - any insight? 

Comment by Wendy Rulnick on July 11, 2012 at 4:08am

We've had a bunch of Bank of America properties locked up in Equator this month, as well.  Some for no apparent reason.

Comment by Thom Colby CA Brkr 888-391-5245 on July 11, 2012 at 2:57am

Patrick - Your thoughts are probably 100% accurate.  I've seen the inner sanctum of REDC. Remember, Countrywide was the on-site lender for REDC auctions around the country and oddly now they are likely processing short sales / or 2nd time around auctions on those same properties !

 

Can we say FOX in the HEN HOUSE?

Comment by Patrick Smith on July 11, 2012 at 2:46am

/Rant On/ I can't believe I sat through two presentations where BoA was encouraging that we get clients into their system before there was an offer, and that we exclusively use Equator.  I have THREE REDC files right now and in all three cases REDC locks up Equator so that we cannot initiate.  Then they take a month or more to respond to any phone calls or emails, then they totally blow any of the timelines that BoA announced in April were going to help 'streamline'.  

I don't think it's any coincidence that REDC is behaving this way and possibly costing us deals...they are an auction company after all and what I think they're after is the auction resale after foreclosure.

/rant off/

Comment by Wendy Rulnick on July 10, 2012 at 11:25am

If you do Bank of America FHA PFS, register for their webinar on Tuesday July 24 https://agentresources.bankofamerica.com/ss_news_12JUL09

Comment by Helena Kaucheck on July 6, 2012 at 9:39am

Update on two issues I raised last month.  The first was a BofA FHA. After we tweeted, BofA's help team had the file moved to a negotiator who was extremely responsive.  However, the issues were still present (such as having the ATP corrected because they internally issued it incorrectly which he caught then having the names confirmed on a names affadavit --notarized- because they did not like the initials being used vs the full name.  Just a note we followed the names to the T on our docs but they discovered that FHA had a different rendition of the name at the midnight hour).  All that being said, we closed.  Finally! Long long road. 

Also just closed on a Freddie Mac SS where the BofA letter declined to waive deficiency and established a very negative report on the future credit report.  The negotiator declined to request a new letter citing it is the MI's requirements to not waive deficiency.  This was also a file that had a foreclosure sale pulled back 10 minutes before sale.  Was able to get obtain a new letter and then a few days extra extension.  I stated the Freddie Mac new guidelines of 2/2012. As an FYI, I did call Freddie Mac and they said that although it is their guidelines that Services are not allowed to pursue deficiency on Freddie SS's; that they cannot force them to do that NOR will Freddie "technically" waive deficiency in case the law changes.  To be honest, I think I may have spoken to a newbie at Freddie but can't be sure.  One thing, I think BofA is starting to get back to the normal that we saw before this craziness of April and there are more positive and proactive measures being taken on short sales. 

Comment by Lisa Woolverton on July 3, 2012 at 6:09pm

Julissa-congrats on your closing!  I remember too well the anxiety of working with that negotiator and was having flashbacks reading your posts.  It's definitely a high when a tough one closes!

Comment by Julissa Jumper on July 3, 2012 at 2:02pm

Joe: You are so funny to me. I just couldn't contain myself after reading your response on Friday "Makes me wonder how they trained that monkey to pick up the phone and hold it to his head..??" Too funny.

We did close but I had to call on Twitter and my seller called and left messages for the negotiator and supervisor. The closing attorney got all the required docs to the negotiator after the closing. Then two days later I got a call from their closing department asking for all the paperwork the attorney submitted to the negotiator. Apparently she hadn't forwarded the docs to their department. I was too happy to do it since I was still on my high from the fact that we had closed but just goes to show the negotiator just wasn't interested in doing anything with this file.

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