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Ocwen is continuing to grow as they won an auction for Rescap's mortage servicing and origination assets. Files that were previously being serviced with GMAC will now be serviced by Ocwen. Ocwen is a large servicer who is well known in the short sale community for it's outsourcing and not wanting to postpone sale dates. With that aside Ocwen is a fairly easy lender to deal with if you have contacts and know how to maneuver through their systems.


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Bank of America Short Sale

Bank of America Short Sale

Is your mortgage or mortgages held or serviced by Bank of America? Are you considering a short sale or do you have questions about the short sale process and how it affects your potential success of a short sale?

Bank of America has a few different short sale programs to help homeowners contemplating short selling their house. Plus, you may receive between $2,500 to $30,000 in short sale incentives, depending on your specific situation.

To find out details of Bank of America's Short Sale Incentive Programs <--- Just Click Here. Or call us and let's discuss your unique situation:


Call Now: (888) 9-List-It.

That's (888) 954-7848.

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HI Folks!  Please Please Please STAY FAR AWAY FROM STAR FEDERAL! Go to google their name and complaints...tons of realtors will tell u their stories.*Don't believe the 1 endorsement from rip off report...FUNNY, it's from VA...and guess where the rip off guy at this co is from...NY and VA....LOL. The biggest SCAM is H.R. Soltani himself...this Indian dude gives you his cell (202)320-4868  email:  They are in New York and in McLean Va area....(703)368-2222. THEY GIVE NO LEADS! Their contract promises a minimum of 4 leads per mo...and they give you 1 or 2 leads, then nothing!  They will string you along. Then another guy calls and says I am so sorry you didn't do anything with the leads we sent you...when it is a joke. They have NO trail of leads they have all the trail of emails, etc...but they WORD an email to you in writing wording it that they gave you leads, and YOU did nothing with them..when they did NOT send any....  period! RUN!   They are the biggest SCAM RIP OFF to come down the pike since ABSREO out of Chicago.  The guy at Star Federal gives you his cell and his name is HR Soltani. And yes, you can speak to him in the beginning to sign you up.  They promise 2 listing leads at a minimum per month. They  pre talk to the customers and promise to send you out on pre qualified customers that want to LIST their homes with you and you go out representing yourself as an advocate from them...etc... you can say your one co...whatever. This is a complete rip off. I have reported them to US Attorney General for RIP OFF and refund. They charge about $500 per agent for the year. It's a joke. I got less than 4 leads from these idiots. And it took like 3-4 months into the contract to GENERATE these so called leads... All these scammers did was scan the FSBO ads for people who wanted to sell THEIR own properties ...PLEASE   I can do that myself. I don't need these idiots! And frankly, they weren't even single family residences. They seem to concentrate on 1-4 unit properties. It is a JOKE!  DO NOT SIGN UP WITH THEM...they lead you down the path of NO leads for months   stating it takes time to gain SEARCH ENGINE OPTIMIZATION for your territory, etc.... it is a RIP OFF>  THey hope that agents after complaining once or twice will JUST DISAPPEAR and they get to keep 100% of agent's money that they sign up. PLEASE SAVE YOUR MONEY. I am going to be blogging on this very soon in the next couple of days. For they must be on the hunt again cause I have seen several agents ask about them lately. RUN!!!! VERY FAST!!! RUN!!!! 310-429-4170  Anyone can call me or email me for 100% verification.

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Should You Short Sale Your Home Now or Wait?

By now, you should have heard that the real estate market is picking back up. Low interest rates and low inventory are spiking the average home price here in Washington State. Homeowners are now deciding on their options of either letting go of their underwater homes via short sale or foreclosure, continuing to live in it, or even rent it out and becoming a landlord. Which option would be best for you?

According to Corelogic, home prices nationwide increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. The spike is largely attributed to investors buying out most of the inventory thus increasing demand. This appreciation rate will most likely be unsustainable but of course, only time can tell. Zillow Home Value Forecasts (ZHVF), expects home values to increase 3.3% (Dec 2012 to Dec 2013).
Ah good news, home prices are rising again! So shouldn’t we keep our home that is underwater until we break even so we can avoid a short sale and a ding on our credit?
Let’s explore this option.

We will use the example of Mr. and Mrs. Smith who are barely making their payments and have a home that is worth $230,000 but owe $300,000 to their lender. The Smith’s think to themselves, if they live in their home in hopes to sell it once they come out from underwater, they don’t have to sell short. Assuming we will get a 5% appreciation rate (being optimistic), it will take them about 4 years just to break even. The Smith’s realize that it isn’t worth throwing away about $57,000 over the years in a home that has negative equity.

So they discuss their option of making their home into a rental property for the next 4 years to avoid the ding on their credit. Most likely, they will have a negative cashflow situation for all four years if you include PITI (principle, interest, tax, insurance) along with maintenance and repairs. Most importantly, the Smith's do not realize how difficult it is to be a landlord. Dealing with tenants (finding and maintaining), lease contracts, property maintenance/repairs, among others difficulties many times suck the life out of landlords. Many homeowners who opted to rent their homes because it was underwater are concluding to short sell years or even months later. Just ask friends or family about their experiences as landlords.

Mr. and Mrs. Smith’s situation is very typical and if they took the route of holding until breaking even, they will most likely be left with an even bigger headache.

What if Mr. and Mrs. Smith chose to short sell now?

A short sale is when you sell your home for less than what is currently owed on the property. The Smith’s decide to find a short sale expert and talk to their lender to see if they qualify for a short sale. IF they short sell now, they will finish in about 120 days which means if they started now, they will be done and out of their negative equity situation by summer time.

How would the financial rebound look like for the Smith’s? If they were not delinquent on their payments but was able to show inevitable delinquency, the ding on their credit score would be significantly less. If they were delinquent prior to closing the short sale, you will be facing about a 80-160 point ding in your FICO score.

Now how soon will they will be able to rebound on their credit depends on different factors. If the Smith’s end up using Lexington law to expedite rebuilding their credit score, they can easily repurchase another home within 2 years (possibly sooner) using the money that they saved from the mortgage payments that would’ve wound up in their underwater home. Once they are in a home, again, assuming that there is a 5% appreciation rate, they will start BUILDING equity.

So what is the best choice for Mr. and Mrs. Smith?

What do you think?


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Good morning Superstars.


Here's a sampling of this week's Superstar discussions.



DiscussionsRepliesLatest Activity

Denial Letter 9 days before closing

Yes, that's right, I already had the approval letter in hand and everyone was proceeding to the close date. The buyer did their inspection…

Started by Mike Rizzo

1on Wednesday
Reply by Smitty

What to do when you are only "a little" short

2 liens - short approx $10-15K - would you approach the first or the second lien holder to request a short sale?

Started by Angela Gandolfo

5on Wednesday
Reply by Ron Scribner

Ocwen - Getting the proper package sent

Doing a short sale, Downloaded package, sent everything in. I called them and they told me that I needed a different package because the lo…

Started by Janet Livingston

3on Wednesday
Reply by Smitty

Short Sale Success in Massachusetts

The most difficult short sale I have had was an $800,000 property that had 3 mortgages and IRS tax line and a creditor lien. I was able to…

Started by Kevin Vitali

1Feb 17
Reply by Wendy Rulnick

Bank of America "soft decline"

Has anyone had Bank of America approve the short sale and accept a back up buyer right after the first buyer backed out? They call it a "s…

Started by Amy Donley

9on Tuesday
Reply by Patricia Bravo

NationStar short sale successfully completed via Equator

Just closed a short sale with NationStar yesterday via Equator. I got the deficiency judgement waived for the seller. I initiated the sale…

Started by Travis Harris

020 hours ago

URGENT-Need help with battling Fannie's inflated values

Short sale worth 180k supported by comps, Fannie counters back at 220k. Buyer will walk, and sellers will need to go back on market at 220…

Started by Wendy Martin

323 hours ago
Reply by Simon Campbell

SS process once the property is entered into WF equator system

4.5 months ago my husband and I submitted an offer on a home listed as a short sale property. It was quickly accepted by the seller (on Oc…

Started by Britt


Do You Need Short Sale Training?

13 Training Sessions.

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  • Why a Short Sale?

  • Qualifying The Seller

  • Pricing and Marketing The Property

  • Negotiating Techniques 1

  • HUD1 Tips

  • Escalation and Communication Tips

  • Disputing Bad BPOs

  • Cash Contributions and Prom Notes

  • Negotiating Junior Liens

  • Lead Generation

  • 10 Short Sale Mistakes

  • VA, HAP and FHA

  • Getting Short Sales Closed


***Use discount code sss10000 for a $50 instant savings

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Fight Back Against Nationstar

Nationstar has taken the position that they will dictate to agents and if you don't like it they will just close your file. Agents need to join together and not accept the silliness of Nationstar.  DO NOT ACCEPT 5% commission!  DO NOT ACCEPT that they will not pay title insurance or any other state regulated fees. Recently they closed my file because I questioned why they required a separate letter on a LLC buyer's letter head  their instruction said .....: Must provide the “Article of Corporation” & a signed letter on company letterhead stating that they authorize the property (must have complete property address) to be purchased under the company name (must state the company name).... My response to them was  ..that is what the Purchase Contract is for. If you have dealt with NS  you know what I mean  and if you have not believe me you will. A few weeks ago I spoke to someone in their OOP and I asked how will they be able to handle all of the new files they will be getting from B of A  and his answer was "we don't know"

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Fannie Mae Standard Short Sale Guidelines


As many of you already know Fannie Mae and Freddie Mac are now handling Short Sales much as they do their REO properties.


Fannie Mae now has the new Standard Short Sale. Here are the Fannie Mae Standard Short Sale Guidelines.


Here are a few highlights of the Fannie Mae Standard Short Sale.


Recommended pricing. While we have been struggling with the value system by Fannie Mae it’s a good thing that we can get the recommended price PRIOR to listing the property. This gives us the opportunity to dispute the value if needed before the property is under contract. Giving the property some time on the market with periodic price reductions will help you with your Fannie Mae Short Sales. Fannie Mae wants top dollar so we have to show that we tried. Nothing better for this than days on market, showing history and agent feedback.

  • From Fannie Mae: “Our list price and market value guidance maintains neighborhood property values”

Escalate Direct To Fannie Mae. This has replaced the Fannie Mae help desk that some MLSs participated in. Now all agents can escalate to Fannie Mae here.


Streamlined Documentation. If the borrower is 90+ days delinquent and has a FICO score of less than 620 then NO hardship, documentation or contribution is required by Fannie Mae.


$3,000 Short Sale Relocation Assistance. Borrowers qualify for this if they do not have to make a contribution at closing.


Deficiency Waiver. ALL borrowers completing a Short Sale will receive a Deficiency Waiver. This is huge!!


Please read the Fannie Mae Standard Short Sale Guidelines for more info and visit the Fannie Mae Homepath Short Sale site.


2013 is going to be a very interesting year for Short Sales. I hope you are ready.


If you need help with a Florida Short Sale I can help. If you are an agent in Florida and don’t want to handle your own Short Sales then let’s co-list the property. You sell the property and I’ll negotiate the Short Sale with your Seller. I can provide references.


I hope this helps.


Related articles:



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Cenlar -- Getting Greedy with Short Sale Payoff!

I have a SS Listing that has the first with Nationstar and the second with Cenlar.  It was odd that the first, Nationstar, said that they would not give me any kind of approval until I had approval from Cenlar.  I couldn't figure out why that was until I started working with them closer.

I sent the HUD to Cenlar that showed a $6000 payoff from the first.  It also showed the buyer's closing cost credit and of course the agents commissions. It also showed a Seller Relocation fee.   Cenlar wanted a $43K payoff and the negotiator said the investor was miffed that the seller would ask for money.  They asked the agents to forfeit some commissions, the seller to ask friends and family for money and for the buyer to lower their closing credit.   So, I revised the HUD to show a $9000 payoff and removed the seller relo credit, and now they said they want $25K.

Does anyone have any experience working with Cenlar?  If so, have you run across this and how did you resolve it.  I've been very successful closing all of my short sales and I refuse to let this type of company stop my from successfully closing this short sale for my sellers and for the buyer!

I appreciate your responses!

Thank you,


My Website

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Today pretty much started out as normal. I'm working diligently alongside my Assistant when I receive a phone call. This young lady is interested in a property that I'd previously listed which is now being marketed as a rental by another Brokerage. I informed her that I'd sold the property and that I no longer have any information regarding the current status of the property, but would gladly assist her in contacting the current listing agent. I look up the property in order to get the contact information and was shocked at what I witnessed!

As I flipped through the photos of the property, I noticed that they were MINE!!! The photographs that I'd so meticulously perused in order to find the best ones and then strategically placed on the MLS had been tainted by the soily hands of another Realtor!!! How dare she!!! Now, I realized that her office was approximatley 45 miles away from the property, HOWEVER, it's not my responsibility or duty to share my prized work of art with your lazy butt!!! If she couldn't take the time out of her busy schedule to drive to Coweta County to photograph the home herself, then she should be selling doghouses on a cat farm! We have a higher standard around these parts and, subsequently, expect all others to follow suit! Needless, to say.....the photos have since been removed (nastygrams really work)!

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IRS Tax Liens

I have a short sale coming up only to find there is an IRS tax lien.  Any suggestions on how to handle that?  OR is it a deal killer before we even start?

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I've killed my drunk monkey.....AGAIN!!!

When I began my career in real estate 7 years ago, I quickly learned to adapt to the world of declining home prices, BPO's, REO's, Short Sales, Asset Managers, yada yada get the picture. Almost overnight, my entire business was centered around the distressed market. From a business standpoint, it didn't bother me. In fact, it fit right into my loss mitigation background and appealed to the analytical party of me. It wasn't the best scenario and could be extremely volatile at times, but it paid the bills and I was good at working the market (still am). So, I turned a deaf ear to the drunk monkey telling me that I wouldn't be able to make a living in the distressed market because it was saturated with agents. I told the monkey to shut up when he told me that I didn't have enough experience to make it in the distressed market because it was saturated with agents who'd been in the business for 10+ years. Finally, I smothered him with a pillow after he told me that 2012 was a fluke and that my business wouldn't be that successful again....

Well, the market has changed again.... and he's reared his ugly head. He'd actually almost convinced me that I knew nothing about the traditional re-sale market and that I wouldn't be able to transition my business in the manner that it needed and 2013 would be horrendous for me! WHAT????? Well, I looked that monkey square in the face and told him that because of my keen ability to research and study market trends brought on by many years of completing BPO's, I wouldn't have an issue with properly pricing a property to sell. I told him that because I'm actually used to completing monthly marketing reports on all of my listings, monthly CMA with marketing plans for normal market sellers would be a breeze! I finally told him that because I was able to maneuver through one of the tougest real estate markets that our Country has ever seen, my problem solving skills are fine tuned and remarkable! Then.....I laced his banana with cyanide.

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No Financial Hardship

I have a Short Sale Listing with EverBank. My Seller does not have a Financial Hardship based on their Tax Returns. The Loan amount is $680,000 and the highest offer we are receiving is $475,000.  A few months ago EverBank denied a Loan Modification, Denied a "Deed in Lieu" and are threatening to Deny the Short Sale.   Any Suggestions?

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Many people ask me whether we made a mistake in our company name, Short Sail Solutions. The answer would be no. Short Sailing is to signify completing a short sale like a short sail (sail –> breeze -> streamlining a short sale).

Short sales have certainly become more streamlined mainly due to a national increase in understanding the process and nature (lenders, servicers, buyers, sellers, and agents) of short sales and also through the contribution of government intervention and policy changes in government sponsored enterprises. However, short sales are still a challenging task and in order for homeowners and agent’s to minimize problems and maximize results, let’s explore 8 ways on how to streamline your Short Sail.

*Information from &

  1. Setting Expectations. Set expectations prior to starting the short sale. Thoroughly understand the situation and the objectives. Clearly define what the short sale process will entail and the motivation and cooperation it needs to get one completed.
  2. Collect short sale package documents at the listing appointment.
  3. Title examination. Have the title officer run a Statement of Information/a preliminary title when the listing is taken.
  4. Accurate and on time document submissions. Make sure you submit all requested documents to the lender/servicer on time.
  5. Communicate often with all parties. Keep the lender/servicers and all other parties satisfied by following up with them and making sure everyone is on the same page. Keep pressure.
  6. Meet the BPO/appraiser at the inspection. Make sure they are obtaining an accurate value of the listed property. Having to deal with value disputes after the inspection can delay the sale.
  7. Escalate to higher authority when needed. If you don’t already have a designated person you work with within each bank, make sure you are escalating to a higher authority to help you move forward.
  8. Be organized. A short sale involves a lot of documents. Make sure they are organized or my recommendation is to use short sale programs that are available to help you organize all docs online.

Short sales can be a breeze if you continue educating yourself on how to do it. We are based in Washington State. Let us know if you have any questions or comments by writing them below or email me at

Hope this helps


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Bank of America shortsale in Equator

"Property has been successfully imported into the application. Please check your Workflow for any tasks assigned to you for this property. Thank you."

This is the third time I have entered this property in Equator.

The first time, the buyer could not perform. Although they have created a system to simplistically add a new buyer this was "hard decline", needless to say I was required to start over.

Third time's a charm, let's see how we do!

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Columbus Ohio is Buyer Friendly

Columbus Ohio is one of the top 10 cities in the United States in which to buy a house, according to, a website designed to provide financial advice and data for young people. The site considered three criteria - availability of homes, cost of living and anticipated growth (measured by population & job growth). Columbus just made the cut at No. 10with these coments "Columbus is a great place to settle down and buy a home, with its low cost of living. This college town (it's home to The Ohio State University) has a laid-back Midwestern vibe." Topping the list was Fort Worth, Texas, followed by Charlotte, N.C. and San Antonio. Indianapolis, at No. 8, was the only other Midwestern city on the list.

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NEWSLETTER: What Are Your Short Sale Successes?



Good morning Superstars.

Here are some of this week's top discussions.


DiscussionsRepliesLatest Activity

What Are Your Short Sale Successes?

Hi Everyone - Just for fun - tell us about your successes with short sales. A lot about this site is helping you solve problems. Most peo…

Started by Wendy Rulnick

47 seconds ago
Reply by Bryant Tutas

Bank of America "soft decline"

Has anyone had Bank of America approve the short sale and accept a back up buyer right after the first buyer backed out? They call it a "s…

Started by Amy Donley

15 hours ago
Reply by Brett Goldsmith

What Do You Think About The Short Sale Lease Back Program?

Hi guys, Wondering what your thoughts were on the short sale lease back program that is starting gain traction in the short sale arena. Sh…

Started by Peter J Kim

399 hours ago
Reply by Judi Fiolle

Best Short Sale Attraction Websites

Hi - I'm wondering if anyone has recommendations for a type of website platform that is good for generating prospects from the internet? We…

Started by M Lang

511 hours ago
Reply by M Lang

ONLY 3% total commission on a short sale when there is dual agency ?

ONLY 3% total commission on a short sale when there is dual agency ? First of all, are investors on loans allowed to cut commission to as…

Started by Sara Mehrpouyan Los Angeles CDPE

418 hours ago
Reply by Smitty

A Sincere Political Question about Fannie Mae

Ok... here goes....please, I HATE politics and rhetoric, but at some point you just wonder: "When is enough just enough?" I've been reading…

Started by Jeffrey Burnham

123 hours ago
Reply by Bryant Tutas

Short sale with Seterus

Hi, My daughter is going through a short sale serviced by Seterus. The short sale was approved on 1/7/2013 and she was given until 1/30/201…

Started by rebecca

123 hours ago
Reply by Bryant Tutas


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FHA PFS Still a Favorite of Mine!!

Recently, I completed a short sale with US Bank. I want to say it was a struggle at first and then I contacted HUD and the process was pushed along rapidly. It seems like most lenders want to see if you will be willing to contact HUD to push along the process. HUD has been wonderful to work with and they continue that trend with US Bank. I have also used HUD to help push Flagstar, CITI and Wells. I never would have closed some of these short sales without HUD intervening.

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Normally, it's customary that lightning will not strike twice....and I've become accustomed to believing that old addage to be true. In fact, I wouldn't expect anything different.....

HOWEVER, it's happened to me....I mean, the double strike of lightning! Right into my heart, nonetheless!!! First, Bayview fully approves my short sale with a full Seller's release of liability within 22 days....NOW, Greentree has done the same within 30 days!!!

Are these Servicers trying to vy for my affections???? If so, it's definitely working!!! Forget the chocolates, flowers, teddy bears, and all of those other mundane trinkets....the fact that these two Servicers are working with me to ensure that this short sale process moves smoothly is THE perfect Valentine's Day Gift!!! Muah!!!

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Rock Realty is proud to announce: Michael Collins has received his Certified Distressed Property Expert designation (CDPE).


This is Michael's second such designation in the distressed property and pre-foreclosure field. He also holds the Short Sales & Foreclosure Resource (SFR) certification. If you are looking for a short sale specialist in the greater Madison & Janesville Wisconsin areas, Michael Collins is the Realtor® for you!

In fact, in 2012 Michael was involved in more short sale single family home & condo closings than any other real estate agent in the South Central Wisconsin MLS! He has represented both buyers and seller clients in Dane, Rock & Green Counties. In 2012 alone, he closed 8 Short Sale homes where he was the listing agent. Click the link below to see those sold listings!

Michael's 2012 Short Sale Closings



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Over the past year I have been engaged with Bank of America (“BOA”) in efforts to complete a Short Sale of my home. The Short Sale participation was approved August 23, 2012 and an “estimated closing date” of December 6, 2012 was conveyed. The continuous lack of communication, delay in communication, contradicting/incorrect information has made my experience in this process far less than favorable and severely stressful. This imposed stress was only exacerbated by the sudden and unexpected loss of my Fiancé on November 20, 2012.  After your review of the documentation below, I look forward to your immediate attention to this matter and your assistance in the completion of the Short Sale that was approved by BOA.


I am desperately seeking your assistance with the closure of my short sale.  I strongly feel, as you will see documented below, that I am being treated UNJUST as I attempt to pursue the short sale of my property to avoid a possible foreclosure.  Since my file has been assigned to Kim Foster, BOA Short Sale DIL Specialist, and/or Ebony Bonner, BOA Customer Relationship Manager in the October/November 2012 timeframe the processing of my file has halted, there has been a lack of communication and no sense of providing any type of assistance to complete and close the short sale but rather a sense of making every effort terminate the file.

Due to a hardship, I initially reached out to BOA and requested to participate in the FHA-HAMP in January 2012, approximately a year ago.  Deborah Linzer was the Customer Relationship Manager that was assigned during the HAMP process.  Shortly thereafter, I decided to put my house on the market for sale.  My debt far outweighed my income and due to reduced monthly income and increased financial responsibility, I was becoming overwhelmed.  I received a ratified offer for my home on March 3, 2012. In March 2012, I completed and submitted a BOA Third Party Authorization form for my Agent, Dashaun Lanham, Long & Foster Real Estate, to negotiate and correspond on my behalf with BOA.  In March 2012, I notified Ms. Linzer that I was interested in selling my home, and had received a contract for the sale of my home that yielded less than the full amount owed on the mortgage.  I continued to provide monthly updated financial information, paystubs, tax information as well as a hardship letter to BOA. In April 2012, I was withdrawn from the HAMP and my file became active in BOA's Short Sale Program.  On July 17, 2012 I was assigned and contacted by Sonia Rivera, Short Sale DIL Specialist, to begin the initial review and determine my eligibility for the Short Sale program. 

 On August 17, 2012, I received an email from Sonia Rivera stating Phase I review of my file had completed and I qualified to participate in the Short Sale ProgramOn August 23, 2012 I received the HUD Form 90045, Approval to Participate from Ronaleigh Ramp.  During this time, BOA’s secure email system used to grant access to my agent to obtain and upload the HUD Form 90045 was NOT customer friendly.  My agent had major problems with getting access in addition to it taking almost seven days to get BOA to resolve the access issues.  During this time, even though it was documented that my agent was having access issues with BOA’s system and trying to provide the requested documentation, BOA still declined my file on August 31, 2012.  My agent then spoke with Ms. Rivera who was aware of the complications and issues surrounding the access, and she was able to escalate a request to her manager to reopen the file and proceed.  At this time, all of the documentation requested by BOA was submitted as well as the HUD-1 and Purchase Contract for the 1st buyer. 

On September 26, 2012 my agent spoke with BOA regarding the status of my short sale and was advised that I was in Phase II of the process.  BOA also advised that my short sale was approved to be reviewed by a closing negotiator on September 17th and it should have been assigned to a negotiator seven days later.  Since we were already past that timeframe another request was made for a closing negotiator to be assigned.  On October 2nd I contacted BOA for a status.  I was advised by the Customer Service Team that they saw an estimated closing date in their system for December 6, 2012 and they also sent a message to Omega Thompson, Closing Negotiator, to return my phone call regarding more details of the status of my file.  On October 2, 2012 I received an email from Mr. Thompson advising that I was still in Phase II of the program, Review and Negotiations, and Phase III would be closing.  Mr. Thompson requested an addendum (for the seller to forfeit the $1,000 Seller Incentive to be credited towards the shortage) be signed by me and the buyer of which was returned to BOA on October 3, 2012. At this point, there was further communication from Mr. ThompsonI sent emails to him requesting the status towards the end of October and the beginning of November and there was never a response.  I later learned from Customer Service that Mr. Thompson was no longer in the position. 

Towards the end of November, my agent contacted the newly assigned BOA Negotiator, Kimberly Foster, requested a status and NEVER received a timely response.  In December 2012, the buyer’s contract that I submitted to BOA in August 2012 was withdrawn by the buyer and this was reported accordingly to BOA. On January 17, 2013, my agent sent an email to Kimberly Foster requesting a status AGAIN.  Kimberly Foster then responded stating that the short sale was declined due to the Approval to Participate expiringHowever, she did also state that “once a new offer and HUD-1, that meets the required net, was submitted, a request for the Short Sale to be reopened could be honored”.  My agent then responded to Ms. Foster with concern because according to communication received in November regarding the expiration of my Approval to Participate, Ms. Foster would request a 60 day extensionThis would allow for the new contract HUD-1 to be submitted to BOA since BOA’s delayed processing of the Short Sale caused me to lose the first buyer.  It was also stated during that communication that a variance, for the BOA home appraisal conducted, would be requested.  In this same email communication my agent asked if I would have to go back through the entire process to reopen and get approved to participate in the Short Sale Program again.  Ms. Foster responded in her email, “NO, I would not have to go back through the entire process, once the new offer with the HUD-1 met the net requirements the loan could be reopened”.

On January 18, 2013 BOA mailed correspondence stating that “The current offer on the property is no longer being reviewed because you have requested a different workout option.  If you wish to proceed with a short sale, please submit the purchase contract, HUD-1, and supporting documentation so we may reconsider the short sale transaction”.  I am not sure what was meant by “you have requested a different workout option” but I assume that BOA is speaking of my contract for the 1st buyer being withdrawn because I didn’t request any other workout options.

 I have made several attempts to contact Ms. Foster via phone and email regarding the status of the 2nd purchase contract, HUD-1 and supporting documentation which was submitted to her on January 19, 2013. To date, I have received no return phone call or email response from Ms. Foster. Due to no response from Ms. Foster and the receipt of the January 18th BOA letter, I placed a call to BOA’s 800 number and spoke with Ebony Bonner, Customer Relationship Manager.  She stated that I was NOT active in the Short Sale Program, I had been declined, she wasn’t sure why any other guidance would have been provided to me that I could continue in the Short Sale Program and she could only offer that I begin with the HAMP.  Of course, this did not make any sense to me!  After all that I have been through with BOA, beginning in the HAMP and ending in the Short Sale Program, as well as the email trails and correspondence that my agent and I have kept throughout my participation in the Program, her conversation did not mirror any recent communication from BOA

In summary, I am hopeful that BOA will honor its commitment to providing excellent customer service. Please note also, that during this very stressful process and due to BOA’s delay in processing the Short Sale, the original buyer was forced to withdraw their contract on the house. It is imperative that your immediate attention is given to this matter to avoid the loss of the SECOND buyer whose contract was submitted on January 19, 2012!


Any assistance would be greatly appreciated!

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