I just had a short sale cancelled with BofA and I'm still trying to figure out why.
It is a Freddie Mac file. The initial offer we submitted took almost a year to be approved due to a COMPLETELY incompetent BofA negotiator and then it fell apart with about three weeks until the "Marketing Period" was to expire for reasons out of our control. We immediately got a cash offer and submitted it to BofA. After asking for several updates from the negotiator and not receiving any reply, I got an email saying the file had been cancelled because Freddie would not extend our marketing period. So I called Freddie Mac and they told me that they didn't close the file, but, rather the investor did and the BofA negotiator lied to us. So next, I escalated the file and was sent to a "Senior Operations Analyst". She said the file was closed because they hadn't received an offer within their marketing period. I showed them that we had indeed submitted an offer before the expiration date to which I was then told that the Investor just randomly made a decision to deny the file. So we jumped through all kinds of hoops to give the investor exactly what they wanted only to have the investor deny the file and give no valid reason whatsoever. Can anyone tell me if this is even possible to do this on a loan that is Freddie Mac HAFA? Now I have a client (with a true hardship) that cannot afford to do anything without the HAFA relo assistance money. He was counting on the money to be able to buy an $800 car so he can start working again and for a deposit on a room to rent. This is one of those situations where a little bit of money will either help someone restart their life or without it will prevent them from doing so. The property will then go into foreclosure, surely costing the lender more than $3k and the owner will become homeless. It is a thoroughly disgusting situation..
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Thank you Ron, I will try the FDIC route.. The specific reason they gave for denying the file was not valid. They said our marketing period expired, but, we had a cash offer already submitted. It was not Freddie that denied it. It was the investor.. Freddie Mac told me specifically that they would not have and did not deny it..
The OCC is the Regulator for Bank of America.
They told us that he could do a deed in lieu or a traditional short sale but that he would not be allowed to receive any seller incentive money now. They also said they would not accept a new HAFA offer from him. I have already caught them in several lies so not to say this is any different.. I've already filed complaints with Freddie Mac, but that doesn't seem to do any good and they never call me back like they promise they will..
Thanks Ron. He hasn't even been served any foreclosure papers yet. The whole situation is really ridiculous. I won't give up until there is a resolution or until I have a court order that tells me to stop.. lol
Hi Pat, here's a very effective way of getting BofA to respond to you immediately: Twitter. send a tweet to BofA_help, provide them with your phone number. Someone from the media outreach department will call you. Hope this helps.
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