test
(No Ratings Yet)
Loading ...
Bank owned bob lachance chris bowes debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales REO short sale mortgage short sale training Short Sales
On this week’s Preforeclosure Tip of the Week we uncover how to overcome one of the biggest hurdles in today’s short sale world — The new and improved Bank of America filtering system! Will they take 70%, 80%, 90% or higher of their desk top valuation? Listen in as we let you in on a “little” known game that we play. In this week’s Preforeclosure Tip of the Week we also cover where Wilshire Credit Corporation sent a majority of their loans to, how and where Bank of America gets their “perceived” Fair Market Value, and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from North Shore Enterprises.
Hi Bob and Chris,
I had a property I submitted last week that got the automatic rejection before I could take my finger off the enter button. I submitted the 3 offers, all rejected, until equator took the property completely off my list of properties. After the 7 day wait period, I resubmitted yesterday thinking I was going to have to bump the offer even more, but Equator didn’t even ask for the offer price. It just loaded up the property as it does with most other BOA properties and sent the task for uploading the authorization. I am assuming now that I can go back to the original offer that is on the contract and start from there. As a side note, this one property is a CountryWide deal, which has the loss guaranty from FDIC. All of my other BOA files are not Countrywide and presumably don’t have the loss guaranty. One of my theories is that the automatic rejection has something to do with the loss guaranty calculation, and the point at which it makes financial sense to negotiate vesus just foreclosing and collecting the loss guaranty.
It’s a crazy circle! We did this very thing a month ago.
I truely have a file/condo in AZ that the appraisalx2 (Cwides) came in at 50k and CWide countered at 119k. They have admitted the BPO and appraisals come back around 50-60k and are instructed from the investor to counter again at 119K They did sugest a Deed-n-Lieu, not sure why. So we sent an offer of 119k to postpone the sale, which they said it had to be higher, but then they noticed the appraisals. Sale got postponed. Now they are countering the 119k with the buyers credits and fees. We are having the buyer counter back with an offer of 49K stating the buyers appraisal can’t support a 119k offer, the value is 50K. The debtor has now had a loan audit done to try to push the file with legal regarding pretatory lending issues. We will wait and see.
I heard BofA (Bunch of Aholes) was using “LPS” for their value system. Equator only works for track homes, so far. They admitted that if the house was missing a “kitchen” the system won’t allow for the veriance.
I enjoy your updates, it lets me know I’m not alone with this crazy stuff.
Don’t apologize guys…I figured this little game out a couple of months ago after “losing” a short sale to Equator (then REO Trans)…I didn’t know the 92%, so that is really helpful.
As always, love the tips. I am with Natalie in that it really helps to know we are not alone in dealing with the goofy stuff the lenders continually come up with to drive us crazy!
It is amazing the differences in Equator between BOA and GMAC. On GMAC there is an online form similar to the counter offer form where they ask for us to submit comps, listing history and repair estimates. Now there’s a concept. My question is if the CMA form is available to be used as a part of Equator then why does BOA not use it? Maybe if we don’t look at what the house is really worth then we won’t lose as much money. Other costs in addition to SC’s being deducted from the online HUD with BOA is recording fees, a default that reduces commissions to 5% (even on Fannie Mae loans)and previous year taxes and HOA fees that often appear on the 2nd page of the HUD. That garbage doesn’t happen on Equator with GMAC, at least not as of yet. The BOA motto,”If it’s not broken, fix it until it is.” My only hope is their customer no-service approach will come home to roost some day soon.
Very well put! It is amazing how incompetent some Banks are… Isn’t it great knowing our tax dollars are working for the good of the people
In the past month we have accepted 2 counteroffers from Bank of America via Equator on the same property. On the first they came back a week later and changed the terms. The second counteroffer, which met the new terms, was accepted 3/8/2010 to close 4/1/2010. The “negotiator” still has not input NPV value to finished file, so we do not have an accepted offer. We have called in, escalated the file, emailed the negotiator. Nothing is happening even though the task was due 3/12 and Short Sale Support says they do not understand the holdup when you call in.
Any ideas.
And yes, ever time we filled out the worksheet the commission defaulted to 5% even though they approved 6%. They also refused to pay recording, wire transfer, courier fees, title search and a home warranty that was originally approved.
Can someone give me some info. There was a tramatic lifestyle change in our life so on Dec 02, 09 we submitted a full & complete offer from a potential buyer that was reasonable considering the market conditions. The offer was more than what our home would have brought in on a snowy, rainy day @ foreclosure. The offer was faxed to BOA as directed. Then it was refaxed to a different department. While the BOA reps were playing Farmville, we were getting the runaround. We submitted medical documentation & employment documentation that clairified that we were no longer able to keep the property. The buyer was anxoius and ready to move in but there was delay after delay. Then they told us about Equator. First we had to refax all the documents, again. Then send them via email in Word, then send them again via email as a pdf. It took more than a month to get a negotiator assigned then another month to get the house inspected. We called every 3 days to check the status & keep on them. There was always a new document to submit or a lost document within the pdf. We warned them the buyer was holding out for this house but was getting impatient with their games. Our agent had called them & was told she was not authorized to speak on our behalf. That changed when I called from her office & told them on the phone I am giving her authorization now or I am filing a complaint. The buyer called & they would not return her calls I even asked them to contact our agent & somehow get the keys to the buyer while they get it all figured out. Finally after 140 days the buyer walked & the offer was declined. We, as homeowners suffered considerable damage by BOA’s refusal to act, our agent has suffered financial & other damages, & I am sure the potentilal buyer has suffered damages due to BOA.
Do we have any recourse or options since it was BOA (not us or the other parties) that caused the loss of the short sell?
Is there a procedure or org that we can go to with our complaint and get any action or judgement from BOA for stalling our short sell.
Thanks
Brad,
The honest truth is that is how they operate. Bank of America has been “saying”, for some time now, that they are fixing things but I have not seen it yet. What you can do is visit this link: http://www.occ.treas.gov/. This is where you can get information on how and where you can send your complaint. Sorry about your hardship and being mislead by a bank that took our tax money!