BANK OF AMERICA FORECLOSED ON MY LISTING WITH COMPLETED PACKAGE FOR INVESTOR

After 3+ months all of the final  minor, and I do mean minor, details had been completed per the negotiator requests and I was told by the negotiator on 5/24 that it was ready for the investor's desk and give a few days for a response / approval letter. I felt with the holiday 3 day weekend that I probably would not hear until the 29th or 30th. The negotiator had even communicated a few times in the week of May 20th with me via phone. The Sellers who are not living in state left all utilities on to add an appearance of someone living there, have a relative a couple of blocks away and I live a couple of blocks away so the home is well watched.  Well,  BofA forclosed on the property on 5/28 and completed the paper work I was told on 5/30.  On 5/30 I received an Equator message that the short sale was declined because the property had been foreclosed upon. I had the title company check and the last notice filed for a foreclosure was in Dec 2012 for a March 2013 foreclosure.  That sale was cancelled.  No other notices were filed.  RealtyTrac had no record of a foreclosure auction & I called and spoke with them directly on this.   There was never a notice of foreclosure posted on the property. My Sellers received a letter dated 5/17 informing them that the short sale process would take 45 to 90 days to complete.  Where is the communication within Bank of America???? Should the negotiator have been checking on this property and communicating within Bank of America?  On May 30th I called Bank of America and was put to the foreclosure department. I explained that I believe there was a violation of the  legal process regarding their foreclosure process. They would not speak with me until they had a  copy of my Third Party Authorization faxed to them which I promptly did.  On June 3rd I called back to  BofA Customer Service who took all of the information from me on what had happened. Then I was connected to the Foreclosure Department who admitted this happens.  I requested that BofA step back and reverse this process.  A recession request was filed & I was given a case number for the  filing.  I was assured that the  property files were still in Equator and they had access to them.  Because it is a Freddie Mac loan it can take up to 8 days.  If I do not hear back within that time I am to call in and give them the file # and note that it is entered into Home Saver and Home Base.    After all of this explanation on my part, I want to know who else has had this happen and who may have gone through this Recession Request Process?  Thank you!

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I assume B of A was the high bidder at auction and took it back.  If not, you'll have to move quickly with the local courts, as at some definite time point (ie. 10-30 days) B of A  can't recind the sale.

Actually there was no bidder so B of A did keep the property!  Will see if they take the recission request seriously.  B of A does not necessarily follow the legal process.

If there was no bidder, BofA now owns the property.

They're simply too big to fail.....

I wouldn't necessarily say BOA can't rescind the sale.  Here in Texas at MCA we have referred over 50 BOA cases to a local attorney who has had several sales rescinded and new loan mods granted after the filing.   Filing a lawsuit quickly is the answer before BOA tries to resell.  If anyone needs an attorney referral in Texas they can email me at [email protected].

Have you contacted the Trustee or Attorney? Working with them in combination with the servicer might help speed up the rescission process.

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