BANK OF AMERICA SHORT SALE SUCCESS STORIES
I went online to see if I could find a Bank of America, FHA, short sale success story, but I could not find any thing. Everything I read is negative.
Can any one offer any hope to a buyer that is waiting for HUD to approve a short sale? I can't find one success story.
Replies to This Discussion
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Permalink Reply by Carla Ann Tyus on
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I have also closed several FHA short sales through Bank of America. If you get the right negotiators and management at BofA you will get them approved and closed. The HUD short sale guidelines are specific and have to be completed as instructed in the short sale letters. They do take longer than the conventional short sales since they are reviewed and processed manually and through equator.
Bank of America is more cooperative with the conventional and FHA short sales than other lenders. If you don't get the answers or cooperation from your assigned negotiator go to management and request answers.
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Permalink Reply by Tammy Davis on
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I recently closed an FHA with BofA...they can be painfully slow. My file went thru 4 different Negotiators because they had left the department. Use social media to escalate the file...on this particular file it was the only was I could light a fire under someone.
It can happen..buyer needs patience, lots of patience!
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Tammy, thanks so much for your opinion. It gives me hope. In your experience, how long would you say it will take to hear something. My offer was approved by BOA on Nov 27 but now we are waiting for HUD since the seller has an FHA loan. I thought it would take about 3 days but now we have been waiting 3 weeks.
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I'm currently processing 2 of them. Once the sellers completed the telephone financial review and the "welcome packet" was completed and returned, I received the approval to participate within 2 weeks, submitted the offer, and had written approval within 11 days. It's gone extremely smooth and so long as the seller has a true financial hardship, approval is just a short process away. But it does take a pro-active approach and communication with the negotiator. Both of mine have been great to work with. Good luck.
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On an FHA loan? That is hard to believe...kudos to you!!
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Permalink Reply by Deborah Y Wilson on
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Tammy much hinges on whether the seller has completed their part of the process, which you cannot do for them. THey must complete the phone interview and be sure the processor is in the short sale dept not the loan mod dept. If they have started a loan mod and want to move to a short sale, the loan mod dept has to release and refer the file to short sale or it won't go anywhere. There is a template in the system the negotiator from the mod dept has to complete to release the file. If you cannot get it going with this advice and the seller has done all they can and you are updating every month all financials and docs required, call the National Loan Servicing Center for FHA and escalate the file.
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Deborah thanks for the info...the last FHA I did with BofA, seller completed the interview process as soon as they accepted a contract. They never attempted a loan mod, so it was clearly a short sale from the beginning. It should have gone smooth, but we went thru several negotiators as they were being transferred out of that department.
That file took six months from submittal to short sale approval.
I always use Twitter to reach out to BofA to escalate the file and that seems to light a fire to least to communicate with me.
I have never used the National Loan Servicing Center for escalation...I will definitely keep that one in my pocket! Thank you :)
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Call the National Loan Servicing Center for HUD and open a trouble ticket, works every time.
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do you have a phone number for the National Loan Servicing Center for FHA. I have been attempting to get a clear answer from HUD on an FHA short sale and no one I have talked to has the same answer. I had a file declined because the borrower had not lived in the property in the past 18 months. I cannot find this guideline anywhere. It does say that the borrower could not have leased out the property for over 18 months. To me, those are very different.
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http://www.realestate.com/advice/understanding-the-hudfha-short-sal...
here is a related article I think that has a basic outline of the FHA process. Included in it is that the home must be occupied by the homeowner.....
I have used this in the past as a reference
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here is the home page of the National Loan Servicing Center (NLSC)
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...
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Permalink Reply by Kevin - Greenville, SC on
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I have found some items to be inaccurate with this article.
For example: The Seller can offer to pay for these items, but they must come out of their FHA Incentive if they do.
The seller may not make the following concessions to the buyer:
- Repair allowances
- The cost of a home warranty
- Discount points on loans other than FHA-backed loans
- Payment of the lender’s title insurance fee
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