Indiana Short Sale...help

[jorswift]

Hello,
I have a loan with was was CountryWide for 123K. Since, I lost my job, moved the family, wife lost her job and is about to give birth to our daughter any time. We are now 2 months behind on payments. We have recieved 2 offers that have been submitted to BoA who is now CW. We have a realtor and an negotiator who works to the state helping us. We have submitted our package in May. It is now end of Aug. and we are only in phase 1. We have 7 business days left until we get to phase 2 and they told me they have 30 biz days. I called once and they told me we were in phase 2, but I just called them today and they told me that the file was switched to another negotiator so we are still in phase 1. How long does this last? My realtor hasnt really helped us on this matter of keeping us up to date or anything. Is there any tricks or phone numbers, email address I should be aware of to call and see if we can speed things up or anything? Please tips, advice, help? Thank you.

[Evan Bedard]

Hi jorswift,

I would suggest just to keep following up every couple of days or so. There will probably be not too much you can do to speed up the short sale process..

[elgrancane]

I am buying a short sale home in NC. The seller's agend finally got to talk to CW and was told that the file was transferred to a second negotiator on August 18th, that it was in phase 2 which meant that the 2nd negotiator "had up to 15 business days to review in detail all the paperwork". This would mean on or around week of September 8 which is coming up.
This short sale is straightforward in that it involves only a first mortgage; the seller does not have a 2nd mortgage and there is no PMI involved.

As the buyer, my rate lock period is expiring for the second time on Sept 3rd and I'm trying to decide whether to extend it. I can extend it for another 10 calendar days but it costs me $350 to do so to keep my 4.875% rate for 10 more days.

From your collective experiences, what is your opinion on the probability that CW negotiator will finish reviewing the file and communicate approval after his 15 business days (time out on Sept 8). When that happens, is there another delay to get an approval letter to close?

Should I forget about trying to extend my rate lock through Sept 13 thinking that approval will come in week of Sept 8 and i can close by the 13th? Am I naive in this and in LaLa land? Or should I extend as there is a chance to get approval to close? Would appreciate your collective wisdom and guidance given your experience with CW short sales. Thanks.

[jorswift]

My file has now been past on again. This is the 3rd phase 1 negotatior that I have had. I have tried contacting them via email, but they have yet to respond. Is there any other numbers or emails with any of the executives or anyone? I am now almost 3 months behind on my mortgage. Are they holding out because I was current? I am afraid they will lose the interested party buying the home for taking to long. Help...please.

[jorswift]

Well, just got a call from my realtor stating we do not have a buyer any more and that we ran out of time. She had to cut the conversation short due to her ill father. I am now 3 months behind on my mortgage and do not want to relist with this realtor. I feel she is not working for us, just for a paycheck. What should I do? My wife and I are expecting any day now, and she baby sits for money, but it is not much do do anything on. I only make 30k and we will be having our 3rd kid. The house is vancant and I am still in the process of moving my stuff out. What should we do? thank you.

[scottp999]

Don't tell BOA that your offer fell through. Let the process continue, and have your realtor get another offer.

Our realtor has put in almost no short sale efforts, I have done it all. The realtor listed the house, and had us sign the contract offers. I put together the entire short sale package myseld and conducted all the conversations about the SS directly with BOA.

Timing is everything. I would suggest no contacting BOA until you have another offer. Once you have another offer, call that day and ask where and who you can fax it to to place in the existing short sale package, so you don't start over from square one.

There are email addresses and some phone numbers of 3 levels of managment for loss mitigation the thread below.

Once you get another offer and get it faxed in I would suggest writing an email to all three email addresses asking for help. I did this and got a direct call back from our loss mit analyst withing 4 hours (they had never called before, I always called them). That same day they ordered the appraisal, and told us they were missing a HUD1. We sent the HUD1 and the appraisal was done the very next day. Currently the SS package is at the investor for review and we should have a final decision in a couple of weeks.

I suggest you take control of the short sale efforts yourself, and just let the realtor get another offer. Double check all items sent to BOA to make sure the SS package is accurate and complete if you did not send them yourself. On the next offer make sure the HUD1 (estimated settlement sheet) is extremely accurate. You can do that by getting the buyers realtor to get the figures from the closing company the buyers will use if it closes.

Good luck. If you think your realtor stinks at getting offers, I would get a new one, but if they got you 2 offers they may get you a third quickly. Make sure the house shows well. Using a hoover steam vac or equivalent makes a big difference in the appearance of the house.

[scottp999]

The BOA Email addresses for 3 levels of managment are in this thread:
http://www.loansafe.org/forum/short-sale-outpost/4932-bank-america-short-sale-collectible-debt-3.html

[faith]

Hello there,

Countrywide/BA takes about 4 months to approve a Short Sale and another 19 days to close the escrow.

Since you have already hired a real estate agent, and an offer was already made, you were assigned a Negotiator and I assumed that the BPO was already done, all you need to do is to keep calling, and emailing your Negotiator and the team of executives of CW/BA that you can find here in this forum. That's all I did, every week I emailed the Negotiator and their executive team asking when the Short Sale will be approved and if they can expedite the approval of the Short Sale due to the prices going down and the buyers might back out due to long process.

You have to be bold, persistent and patient when doing Short Sale. CW was easy to deal with when I did my Short Sale than BA. So you need to help your agent and don't depend on him so much. You have to do the calling and the emailing and letting the Executive team know what's going on and you want to know when a decision should be made. CW/BA and your Negotiator will ask you to stop emailing the Executive team but ignore them, just do it, I did it twice a week, that's all I did emailing them all twice a week.

I have 7 buyers backed out on me, 6 buyers on the first listing and 1 buyer on the 2nd. That's why your agent needs to show your home and do open house every week and accept an offer just in case the first one back out or something happens. Without a buyer, there's no Short Sale, You have to let your Negotiator know that the buyer backed out because they will not accept a 2nd offer without them on the listing contract, and requests. When they approve your Short Sale, the Negotiator will give you a specific letter stating that they only accept the Short Sale for this particular buyer and there is no substitution. They will tell you that they will pay 5% commission to your agent, no closing costs to you and the name of the Title company.

If you have another offer, your agent must submit that offer to CW/BA's Negotiator for back up so that all the papers are already in their file. on my 2nd listing there were 4 offers, I've accepted the 1st offer but denied the 2nd due to low price, accepted the 3rd and 4th offer. They have given their credit reports, preapproval from their banks, deposit etc. So my agent submitted them all to CW's Negotiator. So when the first buyer backed out, my agent called my Negotiator told him that the first buyer backed out, can we go on the 2nd offer and he agreed. The good thing about the 2nd buyer, they made an extra offer to cover their closing costs. My listing price was $290k they have offered $298k with a condition that the extra $8k should be applied to the buyer's closing costs. CW Negotiator told the investor Fannie Mae and they agreed. You can also ask CW/BA if they can prequalify your buyer which will make their decision faster. That's what I did on all my buyers.

The next thing I did is to negotiate the deficiency judgment, PMI said I have to sign the promissory note to pay the balance owed, I said no, I rather filed for bankruptcy and have the house foreclosed and that delayed the approval. I have to make sure that everything is in writing and that I will not pay any deficiency judgment at all. Finally Fannie Mae bought out the PMI for $14k, they approved all my requests. I asked the Negotiator over the phone and emailed him that I need everything in writing that they will not pursue any deficiency judgment against us. I also asked via email how much the amount forgiven and who will give the 1099C.

The Negotiator responded both by email and by mail that the investor, CW and it's insurer will not pursue any deficiency judgment against us, the balance owed was forgiven and who will give me 1099C all in writing and email. All of these was done by cooperating with my agent and helping him. Both me and my agent helped each other to get my Short Sale approved and get rid of my headaches. And sure it is a relief.
Thank God for Moe and this forum.

Hope this helps.

The link below may help you, take time to read it.

Bank of America - Short sale with collectible Debt[


God bless and take care.


Information given is for your information only and not a legal advice.

[mbmullen]

As a Realtor myself, I have to say that your Realtors are doing a terrible job for you! I put all short sale packages together myself, negotiate through every phase of the process, have my attorney's office create the HUD-1 statement, etc. Once my clients give me their documents, they are done (except for signing docs) and it is my job to get the deal done.

If your agent is not doing this, ask them to withdraw your listing and find an agent who will do their job. I started in real estate in March of 2007, so I never knew what it was like to have business fall in my lap. I hear agents tell me all the time that they won't touch a short sale because it's too much work. That's fine with me, I'll make the commissions and when the market comes back, I'll be in an even better situation.

If you need a referral, please let me know. I'll help you find an agent in your area who can do the job.

[jorswift]

I no longer have an agent working for me. I put the house for sale by owner. I am located in Huntington, IN. The realtor screwed me and still have not heard from her since our month was up this Sept. I was told my someone at BOA that they were assigning my a VIP negotiator, but havent heard anything as of yet. It has been 2-3 weeks. I am thinking about a Deed in Lieu, since I am no longer at the property and cannot keep driving back and forth to maintain it.

[jorswift]

Originally Posted by mbmullen

As a Realtor myself, I have to say that your Realtors are doing a terrible job for you! I put all short sale packages together myself, negotiate through every phase of the process, have my attorney's office create the HUD-1 statement, etc. Once my clients give me their documents, they are done (except for signing docs) and it is my job to get the deal done.

If your agent is not doing this, ask them to withdraw your listing and find an agent who will do their job. I started in real estate in March of 2007, so I never knew what it was like to have business fall in my lap. I hear agents tell me all the time that they won't touch a short sale because it's too much work. That's fine with me, I'll make the commissions and when the market comes back, I'll be in an even better situation.

If you need a referral, please let me know. I'll help you find an agent in your area who can do the job.

Yes, I am in great need of a new realtor that has time and experience in their hand. I dont want to be burned again. Please get back with me ASAP. You can email me at evobros3@hotmail.com Thank you.