BOFA Did it again!!!! Short sale approved. Approval letter being worked on and I could not get it last Friday or this past Monday as I was told I would. Tuesday, Wednesday and even yesterday received an email stating trying to get the letter to me if not today, than tomorrow. Closing already scheduled for Tuesday morning. File submission to approval in 48 days.
Today get a Decline Notice:
"This loan was service released 11/15 to Select Portfolio at 800.258.8602. The short sale transaction currently in process has ceased, so please contact the new servicer to begin working with them. Thank you, Pamela"
Can you say Frustrated???????????? I mean really BofA?????????????????
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I had one that was a cooperative and we were given 3 weeks to get the property in contract and approved. We accomplished that and then the Buyers bailed!!! As it turned out, BofA notifed the Sellers that although they got a letter saying it was transferred to a new Servicer, it did in fact stay with B of A. Who knows what is going on! We are now working with another Buyer and hopefully will get an approval so that we can close this year.
Thank all of you so much for your responses. In this case the loan was actually sold to SLS and the borrower will receive a letter from BOFA stating that their loan was paid in full. I will update you with my progress with SLS.
Thank you all and have a very Happy and safe Thanksgiving. All the Best!!
Hi Pat,
The seller already has SLS on speed dial and is gettiing a new loan number. I have emailed the package to a contact I have at SLS. Once I have the new loan number, which should be in the next couple days - I will notify my contact, submit a new authorization and have the file go into document collection phase. I will keep you posted. I think I can get this done this year. There are incentives for SLS to get this done! Thank you so much for your feedback. Best of Luck!
Hope it works out. Everyone I have dealt with wants the loan # on each page. Let me know. Thanks,
I am representing a buyer on a B of A short sale that went into contract on April 4. Thought we had it approved in June when they countered us with a price increase but B of A said there was an internal issue with PMI. Okay, we thought we would have it approved in Sept but then were informed that they were changing servicers. Buyer is super patient - really wants the house. It is now mid Nov. and still haven't heard anything. Assuming that it will close sometime in 2013 - this will end up being one of the longest short sales. Luckily the seller is still living in the house.
I just had one with Bank of America. They had offered my seller cash incentive to cooperate. They dumped it to Ocwen who is refusing the previous agreement. Seller is ticked off of course. They do make our job more difficult.
Carmine,
Around the same time frame, same situation with my file. In my case I been very frustrated like you. I contacted Specialized Loan Solutions, this is where my clients loan was released. I was told to send my own Third Party Authorization and wait 2/3 weeks before I called. Talk about extreme lack of diligence on Bank of Americas part.
A week later, my client walks into my office and shows me a letter, just received by him from Bof A.
Mr. Client your loan will NOT be released it will remain with B of A. (mistake? I do not think so).
It has been a month and we are still in the Document Collection phase.
I'm beyond words anymore.... Two files with Bof A that are a total mess!
I just go through the motions, now. I truly believe there is a behind the scenes reason why Bof A is delaying short sale processing.
Yes, we have one that was getting ready and got the same thing, loan was sold off . Have to start all over again with the short sale package, the Buyer is most likely going to walk. The only good thing that may happen is that with prices increased do with no inventory out there ,it should sell fast, again.
We really need to write to our Congressmen and NAR to lobby for some protection against this stuff.
It should be added to the Homeowners Bill of Rights and should include no dual tracking to apply to servicer transfer during an in-process foreclosure alternative.
What's the process for starting up a petition? Or does anyone have a high-level contact at NAR to lobby for this?
C'mon folks....this is in the best interests of the homeowners.....and us, of course.
At least it is with SPS. I've found them to be one of the few better ones to work with. I've had quick decisions with them.
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