OK back to the story. This is a Bank of America HAFA short sale that was submitted through Equator for the 5th time back in April. Last week I escalated to @BofA_help on Twitter and got immediate assistance. The file was put on a fast track. Friday I received a call from the negotiator letting me know the short sale was approved and that I would have the written approval on Monday. YIPPEE!!. I sent the Buyers agent an email to give them a heads up and they took the buyer in on Sunday to do the final walk through in anticipation of receiving the approval and closing this week.
First thing Monday morning I received a call from the negotiator "Good morning Mr Tutas. I just noticed that the buyer's first name in Equator is Eriz, yet on the contract and HUD it reads Erez. Since the name doesn't match I'm sorry but we have to close the file."
"Holy crap Batman!!! Uhhhh.....can't we just edit the name in equator and move towards closing? Can we have the buyer sign a name affidavit? Can I jump through the phone and kick........Oh never mind."
"Sorry Mr Tutas but the only way forward is to close the file and resubmit the short sale."
My short sale file was shut down over an "E"!!!!
I guess this is one of those times where I truly wish the buyer's name was Linda Green!! Go figure.
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I had this problem earlier this year, but knowing the in's and out's of the BofA HAFA program and having the escalation team on speed dial, when equator rejected my file for misspelling, I contacted one of the escalation team and they did what they call a SOFT CLOSING of the file.
They closed it, had me reopen it on equator spelling the name correctly this time, cloned all the original files to the new file and after a few tasks, had us back to the approval point in about 2 hours.
It really is a simple process when you know it well.
Do not let these banks bully you. When you sound like the expert you are, you control the transaction. These banks have warm bodies in the chairs. They don't know everything.
OK is it just me or is receiving a secured email from BofA's escalation team (within about an hour of posting this article) wanting to help me out with Linda Green's file really funny? :)
I do however give BofA an A+ for monitoring the internet. They really are trying hard to turn things around.
Bryant, That could be the most idiotic thing I have ever heard. Did you contact the powers that be at Bank of America. My guess is the negotiator got his hand slapped because you had to go to twitter to get something done and he is toying with you.