Does Bank of America Approve Short Sales Anymore???

Is it just me?  Or does it seem like Bank of America is no longer interested in approving, reviewing, opening, closing, mitigating, imagining, or caring about short sales???  This servicer used to be the absolute worst (back in the "fax a packet 50 times to this number that feeds directly into our shredder" days).  

They came a long way with the introduction of Equator and actually started looking like a bank I wanted to do business with again.  Am I the only person that has seen a perpetual downgrade in turn-around times and this odd form of "bullying" which Bank of America likes to refer to as a "waterfall" on FHA short sales??  When you've called, faxed, left voicemails, e-mailed, carrier pigeoned, and TWEETED (yes, as embarrassing as it is to say that I had to "tweet" a bank for attention, I did it for the potential benefit of my client) with no response from anyone for two months!  Sometimes I wonder if the staff at Bank of America have watched one too many episodes of Homeland and want to invent new ways to torture real estate agents.

I thought the debt forgiveness expiration was a good reason files were moving slower, but is this why a file gets closed out because an I is not dotted on a form that was submitted months ago?  Or is this why a negotiator assigns a task on a Friday which is due on a Thursday (yes, I've had this happen and guess what...my file was closed out because I should have known to go BACK in time to get this done).  Interestingly enough, I spoke to Fannie Mae about a file the other day, I told them all of the issues we were having on a file, and Fannie Mae told us there was nothing they could do (odd that B of A would wear the pants when Fannie pays the bills??).    

What are your experiences with this lender recently?  Am I alone here?  Does anyone have similar experiences???

Views: 1320

Replies to This Discussion

Permalink Reply by Ellen Dittman on January 9, 2013 at 8:17am

I have one since May 2012, we were making average progress till end of October. Since then we have had a new negotiator almost to the day every three weeks. Each time there are additional requirements that the previous negotiator did not require. As of yesterday they required that the buyer's agent's transaction fee be removed from the HUD(it was on the buyers side to be paid by the buyer) as HUD would not allow over 6% commission. I explained to her that the buyer was paying it but it apparently does not matter. No transaction fee allowed on the HUD regardless

Permalink Reply by Anna Chroscicki on January 9, 2013 at 9:41am

This is so frustrating, is it not ? Maybe it is worth to ask to speak with supervisor. Sometimes you get this new ( or just plainly s... negotiator) who knows basics, but not all. so this negotiator heard that commission can't be higher than 6% and that is where his/ her knowledge ends. I had once offer on property for $80,000. BPo came at $70,000 and negotiator told me that we have to lower purchase price. I asked negotiator to make sure that this is correct and to speak with supervisor. Of course she ( negotiator) was wrong. I am not saying that is the case in your situation, but it is worth a try.       

Permalink Reply by Aida Rodriguez on January 9, 2013 at 10:01am

Rachael,  

I can't believe it!!  I took your advice and just drafted the letter and called the bank to let them know it was on it's way to them and DOJ, etc. The second I mentioned DOJ they immediately transferred me to a short sale escalations department that I've never gotten transferred to before.  The manager on the phone IM'd the negotiator and finally was able to get a response when they CC'd the negotiators top three tier managers in the IM.  He told me that he would take it all the way to SVP if he had to and pleaded that I not send the letter to DOJ.  He communicated every single IM response that he was getting from the negotiator and their managers and would input my responses into the system.  It's been an hour since I got off the phone with them and a "short sale negotiator" just e-mailed me saying that he has now been assigned to the file!!!!  All of this since September 20th! And I Finally get some action.  Thanks for the tips on this.  It really turned this file around!

Permalink Reply by Rachael Babinchak on January 9, 2013 at 10:12am

awww. good...they must like getting kicked in the [email protected]!!  I hope it continues well and quick, but don't be afraid to pull the trigger. 

(I don't claim this tip, came from someone else somewhere, and Anna "Banana" Kutchen-a SS Superstar  recommended Attorney General's Office too...remembered both ever since).

http://activerain.com/blogsview/3532076/how-to-file-a-fannie-mae-sh...

Permalink Reply by TOP END Properties on January 11, 2013 at 4:56pm

I had several 30 day approvals in 2012.  I would say they are very quick and easy to deal with.

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on January 11, 2013 at 5:16pm
No!!! Threatened DOJ CFPB. Got lots of movement, but again today BofA missed the fourth closing attempt. This Speialist I, Specialist II, Audit Review, Specialist III has created a nightmare bureauocracy. It is un-navigatible. Yes this the same property I posted here many times. Three attempt to foreclose, foreclosure, HUD ordered rescission, three buyers, four attempted closings all over 16 months! St Louis County has a mandatory mediation before foreclosure. A person from the BofA that has "complete decision making authority" must attend. BofA we'll see you in St Louis!

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************