Comment

Comment by Julissa Jumper on June 27, 2012 at 3:57pm

Tni, I know I've been bamboozled (sp?) on this from the beginning. Perfect example: we needed a variance for closing costs and my negotiator tells me it would take 3-4 weeks to get HUD approval on a variance. Smelling a rat, I asked here in this forum how long it should take HUD to approve a variance request and Kevin responded and said 5 days. Well, armed with that, I contacted HUD directly and sure enough it had been approved in under 5 days. Had I been waiting the 3-4 weeks this negotiator quoted me, who knows where we'd be today.  Well,  today they did tell me that after final approval it goes to QC and they can't bypass that step. Who knows anymore! I'll just keep trying tomorrow. Unfortunately for me, the buyer walks if we don't close by Friday.

Comment by Tni LeBlanc (805) 878-9879 on June 27, 2012 at 3:10pm

Wow Julissa -

I've never heard of that.  I've never heard of QC being a part of the closing process.  Or is that just invisible to us?  HUD approval is usually a very quick thing once they actually look at the form...  A VP's approval is not enough to finalize a HUD on a short sale?  But it's already approved!  What is QC QC'ing?  You are in unchartered territory.  Of course, my unspoken rule is ... if it doesn't make sense it's probably a lie...keep pushing... but I know that doesn't help you deal with tomorrow....

Comment by Julissa Jumper on June 27, 2012 at 3:03pm

Working on an FHA short with BofA. Worst negotiator ever. I can only get her to make a move by getting the social media team to call her supervisor. Her supervisor told me last week that he would escalate and we would be able to close tomorrow the 28th. Then he goes out of work until tomorrow when he is expected back. Today I got the social media team to find out that some VP had gotten final HUD approval today but now it has to go to Quality Control before I can get approval to close. It is the 27th and we're supposed to close tomorrow. Has anyone ever seen a file come back out of QC in one day?

Comment by Pat Glenn on June 27, 2012 at 8:29am

I REALLY need a BOA high level contact to speak with if anyone would mind sharing that information. I have a short sale I have been working for 2 years that BOA misplaced the 2nd loan on. Since they can't find what happened to it, we can't close. The Mortgage Servicing Team Leader I am working with has had no success in finding a solution and the Sr. Closing officer we are dealing with has done nothing but lie to us and threaten to repeatedly close our file. Again, I would sincerely appreciate any help that can be given and perhaps even a referral for an attorney who might be willing to take on this case if need be. Thank you.. 

Comment by Pattilynn Guilford on June 21, 2012 at 6:07am

B of A has 30 days to contact the seller who is more than 60 days late. Supposed to offer $4K for a short sale or $7500 for a DIL. I'm guessing if there is two liens, then a DIL is not feasible.

Doesn't apply to shorts in process. B of A will soon establish a dedicated toll-free number for a Borrower to call.

Click on Settlement Agreement in the link Kevin provided and download the 12 page document between HUD and B of A.

Comment by Donna Clayton, Broker, MBA on June 21, 2012 at 6:02am

Just for reference, HUD Hotline number for escalation is:

877-622-8525.  It will be helpful to have the FHA case number when you call.  You'll also need to provide a 3rd Party Authorization. I have had very good results from pursuing this route.  Good Luck! 

Comment by Kevin - Greenville, SC on June 21, 2012 at 5:50am

@ Dean - From what I've found out only Bank of America knows who these 57,000 are.  The list is supposedly sealed.

Comment by Dean E Eshelman, CPA, CDPE, IRES on June 21, 2012 at 5:44am

@Kevin - since there are only 57,000 borrowers in the settlement, how do we identify them if we are in a short sale or is it just up to BofA to decide and we don't know whether the person should be eligible or not?

Comment by Stephanie Hart CA 310-930-2342 on June 21, 2012 at 4:45am

Yes;) Even if emailed to me. Please black out names, acct #'s and addresses.

Comment by Pattilynn Guilford on June 21, 2012 at 4:28am

or please post with the seller's personal info blacked out. Tx :)

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