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They wouldn't let the short sale happen on my side unless $5,000 was brought to the table. Not only did they continue hitting me with home inspections (even though only 1 was needed), but they killed my credit by immediately putting 120 days past due on every payment. How am I 120 past due with them when they get the loan transferred to them at 30 days PD?
You will most likely have to suffer their wrath, as they are pretty horrible. As Jon said, the $10/hr employee doesn't care and they won't do anything to help. Follow the path Jon said, as they are very unorganized and their communication is HORRIBLE! Even when talking to them about things they said and scheduled, they had NO idea. Very sad company and I hope they go under.
I have a 2nd with Chase right now where they won't take less than $14.9K (10% of 2nd balance. BofA won't allow more than $6K. BofA negotiator said he doesn't care if the extra $8K is paid or where it comes from as long as it's not on Seller's HUD and only on Buyer's HUD. Buyer is willing to pay it since they're getting property for well under other comparable sales (BofA approved sales price prior to offer). So I asked escrow if I could have the $8.9K difffernce put on the Buyer's HUD only and she said yes, nothing wrong with that. Just submitted to Chase and hoping for an approval. I am only doing this because the BofA negotiator said to, probably wouldn't have tried it other wise...
I can see how two HUDs would work but on the approval for the 2nd will be the full amount. They will review the 2nd approval anyways. Please let me know how it works out. Thank you!
BofA is following Freddie Mac guidelines of allowing 10% up to $6,000. The 2nd should know that they won't be getting more than $6,000 from the 1st. They're lucky they aren't stuck with $3,000 like it used to be. The negotiator's opinion about where the money comes from is irrelevant because there are a myriad of illegal things you can do to produce that cash. So if they're encouraging you to break the law, they're implicating themselves. There are also legal ways to bring more money to the table. If the buyer is willing to bring the extra cash, then by all means. Now you know one of the alternate ways to close the gap on balance deficiencies.
Of course, if we let them push us around like this, they will continue to do so.
Does anyone have an escalation contact for SLS? BPO was order Nov 7 and reorder on 18th and still no word of BPO agent coming out.
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