CW/B-of-A deosnt even look at SS offer

[markmc2000]

I have had two good offers on a house in Idaho. Currently there is a tenant living in the home who wnats to buy the house instead of having to move. However, the countrywide department didn't even do an appraisal or even call my real estate agent on the phone on either offer. My impression is countrywide B of A is gambling on the real estate values going up and are going in the property management business. They can have the house back if they would like, but I think the tax payer, or china is going to end up with a lot of extra real estate!

[Evan Bedard]

Hi markmc2000,

I have had two good offers on a house in Idaho. Currently there is a tenant living in the home who wnats to buy the house instead of having to move. However, the countrywide department didn't even do an appraisal or even call my real estate agent on the phone on either offer. My impression is countrywide B of A is gambling on the real estate values going up and are going in the property management business. They can have the house back if they would like, but I think the tax payer, or china is going to end up with a lot of extra real estate!

Make sure your real estate agent calls in to BofA on a regular basis. I'm sure they have a ton of short sales submissions just like modification requests.

Good luck and keep us posted!

[mbmullen]

Mark,

Are you sure that your agent submitted a full short sale package with the offer? You can find a list of everything the lender will want if you google B of A short sale package. Make sure everything is there and in order and make sure that every piece of paper has your loan number on it. They get irritated if the package is not complete.

If you still don't get a response from B of A try contacting the office of the President. The email address is barbara.j.desoer@bankofamerica.com. They are very responsive and will call you within 24 hours.

I just closed one with them on Thursday and it was not an easy process but we did get it done with persistence!

Good luck!

[stephslr]

I spoke to B of A last week about doing a short sale with our home in Texas. They said that if that is what I am going to do they will not submit a loan mod request to their loan department. They also said that I must have the house on the market for 90 days before they will even look at a short sale offer. So the house must sit for sale for 3 months before we can give them any offers. Have you heard that stipulation?

[mbmullen]

I have heard of that. Some lenders stick to it and some don't seem to care. Are you in default yet? If not, that may be why they want to wait 90 days. Just guessing.

[stephslr]

We are not in default yet, but chose to be starting this month. Our payment was due Sept 1, and we are not paying this month or next. We are under water and have decided that we need to live life for ourselves not for the house.

[mbmullen]

I can understand that. Just keep in mind that your lender will want to see recent bank statements, last two year's taxes, recent pay stubs, and a financial worksheet. These are used to determine whether you have a real hardship and cannot afford the home, or whether you just don't want to pay for it any more because it has lost value.

If you don't have it listed already, please find a Realtor who is familiar with the short sale process. Your agent should put together all of your documents to send to the lender once you get a contract and handle negotiations with the lender. Please make sure that your agent is doing that by calling the lender yourself. Too many people put it in the hands of their agent and then assume they are doing their job. I made that mistake with a short sale 'expert' and ended up having to take over six short sales that he was supposed to be handling.

Keep us updated!

[stephslr]

Originally Posted by mbmullen

I can understand that. Just keep in mind that your lender will want to see recent bank statements, last two year's taxes, recent pay stubs, and a financial worksheet. These are used to determine whether you have a real hardship and cannot afford the home, or whether you just don't want to pay for it any more because it has lost value.

If you don't have it listed already, please find a Realtor who is familiar with the short sale process. Your agent should put together all of your documents to send to the lender once you get a contract and handle negotiations with the lender. Please make sure that your agent is doing that by calling the lender yourself. Too many people put it in the hands of their agent and then assume they are doing their job. I made that mistake with a short sale 'expert' and ended up having to take over six short sales that he was supposed to be handling.

Keep us updated!

We are not going to bother with the short sale. BofA will not do a loan mod (which takes 45 days according to them) if we are considering listing our house to do the short sale, which they will not consider any offers until 90 days on market. We can most definitely prove financial hardship over the last two years with all the documents provided. We already pay a $100 late fee to B of A every month, have put off student loans to make the house payment, owe $5000 in taxes in December, etc.

We are not paying the house loan this month because we have $1000 in medical bills we need to get taken care of before we are sued and about $500 in student loan payments that need to be caught up (the govt doesn't like it when you cannot pay the student loans on time). I also owe $100 for a late payment to a credit card that I didn't even know about even though we put the cards in consolidation 2 months ago. Basically, we are constantly behind at least a month, no hope of catching up. Something has got to go, and the only thing that can go is the house (not having credit card payments would not be enough to make up the monthly deficiency). Yuck! There seems to be no right choice.

I am meeting with a lawyer on Tuesday because we cannot navigate this on our own. I will keep you posted. Thank you for your advice.

[markmc2000]

Originally Posted by mbmullen

Mark,

Are you sure that your agent submitted a full short sale package with the offer? You can find a list of everything the lender will want if you google B of A short sale package. Make sure everything is there and in order and make sure that every piece of paper has your loan number on it. They get irritated if the package is not complete.

If you still don't get a response from B of A try contacting the office of the President. The email address is barbara.j.desoer@bankofamerica.com. They are very responsive and will call you within 24 hours.

I just closed one with them on Thursday and it was not an easy process but we did get it done with persistence!

Good luck!

hey good info. I will try that email address. I submitted the entire package, it's been 90 days and all that. Their main complaint is they believe the offer is too low. Apparently they have an online appraisal system, that says the house is worth $107k, and the offer is for $69k. SO they won't even bother to return calls. Kind of funny that the house down the street is listed for $5k less, and it has been on the market for over a month with no offers.

cheers,
Mark

[markmc2000]

oki dokie.B of A owns the home again. I can't see why they would want to own so much real estate unless they are trying to avoid recognizing the losses on their books.

[scottp999]

Originally Posted by markmc2000

oki dokie.B of A owns the home again. I can't see why they would want to own so much real estate unless they are trying to avoid recognizing the losses on their books.

Sorry to hear that. I just got the approval from BOA this week on a loan where Freddie Mac is the investor and Radian is the mortgage insurance company.

I was able to get them to send a letter out with what they wanted for a short sale package when the loan was still current. I told them it was in imminent danger of default, due to income reduction in the area of 50-65% since the loan originated 2 years earlier, and the front end DTI was around the 65% mark. We got an offer for fair market value and they started the short sale process while the loan was still current.

We lost the initial offer and gained a second right before the package was submitted to the investor and MI company which was lucky. They just replaced the offer (they were the same amount) and kept the process from starting all over again.

We have a closing date set because the second buyer was willing to hang in there for 60 days if we agreed to take the listing down and not show the property to anyone else. It worked out, and we should close by the end of the month. By the time the payoff comes in the loan will be due for 3 payments. The process will have taken a little over 4 months from the time we listed the property for sale. A big effort went into repairs, painting, cleaning, landscaping, to attract good offers. I spent some vacation time working on the property to get it in pristine condition.

Good luck to you with whatever is left of the process.