Comment

Comment by Julia Huntsman, 562-896-2609 on July 21, 2011 at 5:46am

I feel like I also need to check up, since my negotiator did not submit the countered price to FNMA for approval (the contract price) the first time, but submitted her higher price, we now have to go back to FNMA second time, and the foreclosure sale date has been postponed once already. i don't want to be in the same situation you're describing. I had no luck previously calling on the HELOC loan, even tho I submitted authorization to them. What number did you call? Thanks.

Comment by Sue Fitzhugh on July 21, 2011 at 5:45am

We found termites on a BoA FHA short sale that's been approved.  Has anyone gone back to BoA to get approval to pay for the treatment on the HUD? The contract says it's a seller cost and the amount that we're paying for the house is way above  the banks BPO price.  We also found  an infestation of squirrels in the attic from a hole in the siding, evidence of mice, a ton of really big ground bees, a bunch of ants going up and down the deck post. I'd like to lump this all together with the termites since it's a health issue. What are my chances?

Comment by Smitty on July 21, 2011 at 5:35am

I did NOT submit separate packages.  I've gone through this before and both liens were with BOA and i did NOTHING for the second lien.  i submitted one package through equator and BAM got approval and it highlighted both liens.  That's why I was surprised by her reaction, considering I had given the equity line over 10% of the loan balance on the HUD.  Anyway, my second lien was an equity line so I called that department and spoke to someone who told me the negotiators name.  Interestingly it didn't get assigned to him until WELL after a month and 1/2 since submission.  He got it on the 15th this month and I submitted the file 6/1.  I didn't submit anything extra, but gave the primary lien negotiator his name and she worked it all out in one afternoon.  I fault myself for not REALLY pushing her on it, but I'm hoping it gets approved in the next week.  I think it was submitted to the investor yesterday.

Comment by Julia Huntsman, 562-896-2609 on July 21, 2011 at 4:47am

Smitty, I should also add that I was told by the Short Sale Dept (at least 3 times) to not submit a separate short sale package, that one package would work for both loans.  Did you submit separate SS packages? Thanks

Comment by Julia Huntsman, 562-896-2609 on July 21, 2011 at 4:42am

Smitty, I have same situation on 2 files with BofA. I've been told 1st and 2nd are linked and will be negotiated internally, and have not been able to get past the Short Sale Dept to get confirmation of this. I find it far worse than "weird" that your negotiator failed to see the 2nd lien in your file after your attempts to bring it to her attention. I'm in a counter situation on one of mine, with the 2nd clearly listed on the HUD, but I'm still not sure if the 2nd has been handled by the negotiator. PLEASE tell me how you reached the negotiator on the 2nd and what number you called, I've tried calling with no success.

Comment by Smitty on July 21, 2011 at 1:14am

Do BOA negotiators get some type of incentive for closing or getting short sales approved?  We had a weird thing happen.  I had called into BOA before submitting my contract and told them there were two notes on the property and was told long ago only one file needed to be submitted on equator.  We got to the point after a counter offer yesterday my negotiator said she was submitting the file for approval.  I asked her if I needed to do anything with the equity line and she was shocked.  I had it listed on the HUD and twice emailed her about it but she never responded.  She said it would throw the whole sale off.  ~  I called into the home eq. dept and got the name of the guy negotiating that lien and emailed it to her.  Within 3.5 hours she had a hundrend twenty five thousand dollar equity line negotiated to $6000.  My file is being submitted for approval within 24 hours.  She worked her TAIL off.  Keep your fingers crossed it gets approved, but MAN I was impressed.

Comment by Brad Hatton on July 15, 2011 at 9:41am

I currently have 2 HAFA short sales and 1 traditional short sale with Bank of America. All of them are taking forever to get an approval, even the HAFA ones. Any tips on how to escalate when there's no negotiator assigned yet?

Comment by Pattilynn Guilford on July 14, 2011 at 3:48am

Received a B of A Approval Letter with deficiency verbiage "will be reported as Charged Off and remaining balance outstanding" on a first and only mortgage...State of MS...non-recourse state. Heard from an agent there who received a letter with similar verbiage from Wells Fargo. I'm escalating the heck out of it and its rough going. It is better for the seller to let the bank foreclose if the consequences are worse than FC and BK. So why would anyone list their home.

Let me know if any of you have encountered this and any contact you have for Freddie Mac will be great. I have escalated to both Freddie, B of A, FHFA who regulates Freddie and hitting a brick wall. Thanks much for any advice.

This is the first time in 150 short sale approvals that I've encountered this and I hope its my last!

Comment by Kylee Roe on July 13, 2011 at 6:01pm

**uh, the second wants more $$** that is...but they have the full 6% already.

Comment by Kylee Roe on July 13, 2011 at 6:00pm

So just a follow up to my comments down this thread a bit regarding AMS Servicing not sending me approval letter. I GOT ONE!!! It was not without sweat and turmoil however. AMS seems to be delaying these approvals on purpose. A different "negotiator" everytime, but I think they are all just phone clerks. A review, re-review of the file every phone call. Trying to negotiate more $$ from the buyer or it can't meet investor guidelines. HELLO....its pre-approved HAFA short sale. So admidst emails to BOA helpfuls, including a manager and actually READING THE HAFA AGREEMENT to the "negotiator"...somehow, I got thru and we are moving forward. Now...the second--Citi who cooperates with HAFA--their servicer is telling me they want more to extend the close date. Crazy. Short sales are difficult again.

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