Comment

Comment by Kyle Souza on September 19, 2014 at 4:23am

Jim, there should be an FHA case number that should run the life of the loan.  I would contact HUD and investigate.  You may be able to find the investor of the loan on the MERS site.  while your at it file a complaint with CFPB and maybe even the treasury.  Do you ever talk with someone at the banks and you feel that they suck away your intelligence?  :)

Comment by Sharon Burgos on September 19, 2014 at 4:16am

Jim, that is just crazy if you ask me.  Someone didn't know what they were talking about at BOA or your seller misinterpreted.  Did they refinance this mortgage?  If not, then BOA may have "sold the loan" BUT it is still an FHA mortgage.  The government doesn't "own" the loan and never did - they just backed it.  So, the government could not have sold the loan.  Sounds like you need a better contact person at BOA.  I just confirmed this with our mortgage broker - she said "Whaaaaaat?" when I showed her your post.  If it started out as an FHA loan and they have not refinanced, it is STILL an FHA loan.

Comment by Jim Stewart on September 19, 2014 at 1:12am

Ok, this is a first... Bank of America is telling my seller that her FHA mortgage is no longer an FHA mortgage because "the government sold the loan" and that it must be processed as a conventional loan.  This of course is after having an ATP on it earlier this year that expired due to problems with getting 2nd lien approval. I'm sorry but the deed of trust and note haven't been changed. The seller hasn't refinanced.  How does an FHA loan suddenly transform itself into a conventional??  Has anyone ever heard of this?  The people at Bank of America swear "we've done our research and that's what it is."  Please tell me I'm not going nuts!

Comment by ElizabethWeintraub00697006LyonRE on August 23, 2014 at 9:00am

I ditto Joe Beauchamp's response. I can count on one hand the types of worst short sales than an FHA short sale with Bank of America, which gets a thumbs down but still coexists on that hand. We can't give up on these people because they depend on us to succeed. We have to go where plenty of men and women have gone before us and died, into the final frontier.

Comment by Wendy Martin on August 20, 2014 at 8:21am

Hi Joanne, email me at [email protected]. I will send you my HUD reps info.

Comment by Joanne Finochio on August 20, 2014 at 8:18am

Thanks Wendy,  Do you have HUD contact #s or the website?

 

Comment by Wendy Martin on August 20, 2014 at 8:06am

My last BofA FHA SS took 16 months, 8 negotiators (one died) and help from HUD every step of the way.  It's the only way I got it closed.  Get HUD on your side.  My HUD rep said:  "BofA is the only lender we can't threaten, b/c they don't care.  The only thing we can do it keep reporting them so they get audited. " Remember, BofA is simply the servicer and they ultimately have to do what HUD says....eventually.  Good luck.

Comment by joe beauchamp on August 20, 2014 at 5:05am

Melissa, it is not clear what documents you are referring to. Most likely, we are talking about the typical incompetence of the BOA processor. You can talk to escalations about the problem, you can also talk to HUD. With BOA, the first call to HUD just sends you to BOA, believe it or not. However, a 2nd call stating that you got nowhere should get you to a HUD analyst, usually, but not always, with a better than 80% empathy for ethics. I have had decent luck tweeting to BofA_Help,

I think the approach should be that you have listing agreement and sales contract in both names per state law, what is it that they want (with whatever docs you are talking about)? I don't think they have any rights to financial info for whoever is NOT on the note/mortgage, so I think I understand and agree with your position and that the simple clarity will work in your favor. The extra problem you can have is that it is real convenient for BOA to let things drag until they close the file for "you" not responding. This works out best for the banks since they lose money every time a short sale succeeds. Simplicity in your request helps you keep them focused. Yes, BOA+FHA means very sloppy slow work and lots of frustration, but it always has. Obviously, it takes a lot of stubbornness and fortitude to get past bank obtuseness to get most short sales done. That's what they want, and by the look of how few realtors now deal with short sales, they've pretty well succeeded. Good luck!

Comment by Joanne Finochio on August 19, 2014 at 11:25am

I have had it with BOA FHA Short sale.  They continue to drag the file on and then close it only to reopen the file to start the 90 days over again! We have lost 2 buyers becasue of this.

Comment by Melissa Polce on August 15, 2014 at 7:19am

HELP...after all the BofA Shorts I have done, I was asked to take the husband off the listing and sales contract...or add him to everything...having a hard time with this-see below and help...in NC this aint possible..so I sent what is below to every person on the file...what do u think? what the heck r they thinking? did it this way tons of times b4, and yep its an FHA short...

Message Inserted (08/15/2014 11:11 AM) On: 12313 WALDEN LEA DRIVE, HUNTERSVILLE NC 28078. Advise, I have never been asked to remove a wife or husband from the sales contract, it is NC Real Estate Law that states that both husband and wife are included on documents pertaining to the list and sale of a home owned in North Carolina, the mortgage or instrument is a completely different entity, and that is why only 1 person is the borrower, because both people do not need to be included to mortgage a home. If you want me to go against this, I need it in writing , as again...it will be the 1st BofA short sale that has asked me for this in the state of NC

	RE: Cannot Remove Husband from NC List/Sales Documents
	No Attachment
Created By/Date:	POLCE, MELISSA - 08/15/2014 11:11:33
	[email protected]

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