Comment

Comment by ElizabethWeintraub00697006LyonRE on April 29, 2016 at 4:08am

Escalate, Julie. And Tweet BOA. These negotiators sometimes tell you what they think you want to hear, and they don't really have a clue. They are quickly flipping through the pages on their computer, and they don't know up from down. They couldn't find their way home with two maps and a flashlight. Good luck!

Comment by Bill Garrett on April 29, 2016 at 3:56am

Ah, the dreaded Ocwen/BAC combo. ________Only thing worse that I can think of is the Ditech/Ocwen combo (with a $62,000 offer) that I now have.  I vowed last year to take no more Ocwen files, but this one somehow slipped through the door.  __________ I know this comment provides zero help for your situation but thought I would let you know we share your pain.  ____________Have a good weekend. 

Comment by Julie Lyons on April 29, 2016 at 3:44am

I have a short sale w/ 2 liens, Ocwen First, BofA second.  After 1 yr. Ocwen just gave approval, BofA had already approved several months ago, their letter expired and they told me to resubmit the ss pkg and they would rush the new approval it would only take about 10 days as it was previously approved, it has now been 29 days with the negotiator asking me for the same exact docs three separate times in three weeks (he can't find them) yesterday he verified after 28 days he does have my docs but has not had time to look at them... ???  Geez.. now I have to get an extension of time from Ocwen, I have never had this happen before with BofA...  Any insignt?

Comment by Desmond Sinclair on April 21, 2016 at 7:03am

Thanks everyone for the replies. At first when I spoke to someone at BofA they told me it was decline because the offer was too low. But, when I call back Yesterday someone else told me that it was decline because there was an issue with the buyer prove of funds. They told me if the buyer can rectify the issue with the prove of funds they can proceed but, they can't guarantee it the short sale will be approve  

Comment by Helena Kaucheck on April 20, 2016 at 12:37pm

Desmond, were you provided a counter before the decline?  If so, then that counter would have been the minimum the bank may have wanted to obtain the Net Proceeds the investor is requesting on the file.  That being said, if you were not, I'd question why you were given a Decline without a value to at least know what neighborhood you were in.  I've had those before and when I went back to BofA was able to receive a value to know at least what I needed to do.  If the value they gave you was too high for market, then they either have an incorrect appraisal/BPO or there's something else such as the Seller not showing adequate hardship to allow the deficiency to be adjusted in the "price".  If the value is too high, I would request a Value dispute BUT make sure you provide support that justifies the price.  Investors may not care (and generally don't) that your Formica counters will fetch far below a Granite counter home.  But if there's justifiable proof of the price they asked for is wrong, they may adjust.  Have a several of those the last 6 months.  Been able to win those battles but have sadly lost a few also in the past several years.  If the listing is on the market for an extended period of time with NO activity or Offer other than another one that may be below the bank's desired price point, they may be a bit more flexible.  

Comment by ElizabethWeintraub00697006LyonRE on April 20, 2016 at 12:26pm

Hello Desmond: Yes, BofA along with a host of other banks do not use Equator anymore. I'm gonna throw this out there, just for giggles, but is it possible that the buyer's offer is too low? Have you considered finding another buyer? I don't know where you work, but there seems to be a lot of buyers right now almost everywhere, so that might be your best and easiest bet. You can cancel the buyer when B of A declines the short sale. That might be the out that you need to put this back on the market.

Comment by Mary Wilcox on April 19, 2016 at 6:20am

BofA is not in Equator anymore. =/

Comment by Catherine Gheen on April 19, 2016 at 6:17am

Desmond I am hoping you were using Equator for this file.  There is a trick in Equator to escalate your file.  Go into an email message in the system and hold down the control key and highlight the manager and the team lead for this file.

Did you ask what value the bank had the home at?  Are there repairs that need to be made?  Have you tried submitting contractor's estimates to justify the lower price?

Have you submitted comps to the lender to show the lower value?

One of the biggest rules of short sales is be there when the BPO or appraisal is being done to point out any issues with the home

Comment by Desmond Sinclair on April 19, 2016 at 4:46am

Hello everyone. I have a situation and I hope someone can help me. I'm doing a short sale with BofA and  they send me decline letter (failed internal review) last week.  I spoke with the relationship manager she told me that it was decline because the buyer offer was too low but, she decided to reopen it up for me. I can came in this morning and they send me corrected decline letter, stating the same reason as before. I guess my question is, who can I talk to at BofA to get this file moving along or what are my options?

Comment by Ana Huffer on January 6, 2016 at 10:50am

Floretta Allen
Senior Operations Analyst
Presidential Escalations Team
Short Sale, Deed in Lieu, REO
1877 471-4367 x 063060
[email protected]

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