Back story---We have had an offer on this file since October 2012. The seller was put in a 'special" forbearance program that last until two weeks ago. The CRM on the file kept saying that she would have to be declined out on its own to be considered for a short sale.

After speaking with her almost every week, she reviewed the financials 3 different times and on May 8th, she FINALLY said that this allowed to be put in the short sale program and the seller qualifies. She then said that this would take up to 10 business days but she would be in touch.

I called the short sale department today. Here is what they told me: "Former CRM is not the one assigned to your file. You have a new CRM and this has been put into modification. This happens a lot, unfortunately. Let me transfer you to the CRM on this file"

I wanted to scream! Of course, I spoke with three more people who didn't and wouldn't help me and I never spoke to the CRM.

Has anyone come across something like this? What can I do to get this in a short sale?!

If it helps, this is an FHA BOA short sale, one lien.

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Replies to This Discussion

Call HUD hotline.  BofA and FHA is the most nightmarish marriage of all. File gets stuck in Loan Mod Land forever.  You can get 200 different answers as to why.  My only success is getting HUD to send a directive to the short sale dept. to get the file open immediately.  HUD hotline:  800-225-5342.  Make sure you have the FHA case # (obtain from BofA). Good luck!

Wendy is absolutely right. The worst short sale in the world is a Bank of America FHA short sale. My transaction coordinator pleads with me not to take them. But once you get to the ATP, most of the madness is over. I've also had luck with the Twitter Social Media Team and getting the file assigned to a supervisor. I feel your pain. I'm sorry.

The current BofA-FHA crisis is that they have again changed how things get into short sale. Now the CRM must submit the file to SS, not just recommend it for SS to start. I just got one into SS yesterday that was "released" from its hole on 4/23 and I've been beating them over the head to get it released and then to get it into SS. The CRM's seem to be MIA or cooperative.  Escalations sent messages to the manager for the CRM, which I think was helpful. Still, no instant response. (Another unspoken "issue" seems to be BofA has been training FHA SS people to use Equator, so they have been going off to classes and unavailable more - but that isn't a problem in getting your file into SS.)

There's no real way out of the FHA Loan Mod stage for most people.  However, there are a few automatic outs such as a Job relocation.   For the majority they have to waist 4+ months waiting for an approval or denial.

Megan, I feel your pain.  I had a homeowner receive a letter stating that she was denied for Loan Modification (after failing to make payments during the trial period, which were higher than her current monthly mortgage payment???) yet the file would never close and leave the Loan Modification Department. It seems that all too often even when a file is denied it is left "open" in the Home Retention department.  We did several things to get the file moving along in the short sale department (and I have to say that this is not the first file I have had that got stuck in Loan Mod...)  First, I tweeted BOA Help line.  Concurrently, the homeowner phoned in to the Loan Modification Department (Home Retention) and spoke to a supervisor.  It seems BOA prefers to speak to the homeowner on Loan Mod issues.  After explaining her case, she was instructed to send a written request to them.  She obtained the correct CRM for her case she sent a signed letter by fax to the CRM and supervisor stating that she does not want a loan modification, that she requests the Loan Mod be closed and also requests consideration for a short sale.  (Be sure to get reliable fax number from supervisor)  Did your homeowner receive a letter in writing stating that she qualified for a short sale?  If so, I would include this with the signed letter, or at least the name and date of the person you spoke to that gave you the information.  I also like Wendy's suggestion to call the HUD hotline.

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