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cosmomortgage
54 Posts |
 Posted - 10/13/2008 : 08:43:58 AM
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| I am looking for advice on how to expedite Bank Of America accepting a short sale. I have sent in all the necessary paperwork, and called to follow up numerous times, but they are now stating it may be up to sixty days for approval. As far as I know, all the numbers should be in line and acceptable and it should be a no brainer. Any advice is appreciated. |
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Captain Mortgage
1721 Posts |
Posted - 10/13/2008 : 09:39:04 AM
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| All you can really do is continue to follow up with them. Make sure that they do have the FULL and COMPLETE package. Just give them a call once a week and see how things are going. Make sure to take excellent notes regarding who you spoke to and what the conversation was about. |
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rtrefflich
3400 Posts |
Posted - 10/13/2008 : 09:56:55 AM
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| Just stay on them. Build a good relationship with your Neg. They are the ones that control the entire thing, if they work with you, they can do miracles, if they don't it will take forever. |
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cosmomortgage
54 Posts |
Posted - 10/15/2008 : 5:48:54 PM
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| Thanks for the replies! Anyone else? I feel as though if it were a mortgage file in underwriting I could possibly persuade the underwriter to move the file up if everything was in order. But in this situation , I am just not certain what the "neg" wants to hear. |
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eh6794
689 Posts |
Posted - 10/15/2008 : 7:02:56 PM
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quote:
Originally posted by cosmomortgage
I am looking for advice on how to expedite Bank Of America accepting a short sale. I have sent in all the necessary paperwork, and called to follow up numerous times, but they are now stating it may be up to sixty days for approval. As far as I know, all the numbers should be in line and acceptable and it should be a no brainer. Any advice is appreciated.
Do yourself a favor and refer it out to someone with experience with that bank.. When I fax info, I usually have to do it 4 or 5 times before someone actually picks it up without throwing it away. |
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rmcinturff
371 Posts |
Posted - 10/15/2008 : 7:21:02 PM
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Its going to take 2 to 3 months with these folks but they will come through if you stay on them and support your case with all the clients info.
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cosmomortgage
54 Posts |
Posted - 10/15/2008 : 8:04:49 PM
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Supposedly, the person I talked to recently gave me a "rush" fax line. I think it was probably the general fax line. Thank you rmcinturff, the file has been there for six weeks so maybe I am halfway through the process. I have actually negotiated several short sales, but I was refinancing the client. This time I have a purchase contract on the home. The few that I did took no more than thirty days at that time.
The short sale is through Bank Of America. Has anyone had one with them recently?
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rtrefflich
3400 Posts |
Posted - 10/15/2008 : 11:45:57 PM
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| It can take up to three to four months on a "rush" in some cases depending on where you are. Some of these things have to go through 3 different negotiators to get anything done as well. |
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datalyst
133 Posts |
Posted - 10/16/2008 : 07:39:13 AM
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quote:
Originally posted by cosmomortgage
I am looking for advice on how to expedite Bank Of America accepting a short sale. I have sent in all the necessary paperwork, and called to follow up numerous times, but they are now stating it may be up to sixty days for approval. As far as I know, all the numbers should be in line and acceptable and it should be a no brainer. Any advice is appreciated.
It may not help your situation right now, but some companies are scrambling to speed things up.
I know that Citi (Global Consumer Group) is hiring Operational Analysts (traveling Loss Mitigator) strictly for field work. They presumably get a Citi laptop, blackberry and telecommute so they can negotiate short sales, loan mods, etc. on the fly in their designated territory. The positions have a 30K - 40K starting salary plus a commission structure (I don't now the commission terms).
It could be the new job for LO's who have lost theirs due to cutbacks.
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cosmomortgage
54 Posts |
Posted - 10/30/2008 : 08:55:26 AM
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| I managed to get this file switched over to someone who actually wants to work on it I think. The new negotiator had me fax everything to him and ordered the appraisal the same day. This was last Tuesday, and I have a call in to him to follow up on it. In the mean time, the end borrower lender says I would have to be on title as owner to match with the appraisal for the end buyers loan. So, my question is this: If I were to have the current owner deed it over to me (upon approval of the short sale from Bank Of America, and the end buyer having an approval) what are my liabilities to Bank Of America for the short payoff if the end buyers loan does not go through? Would I then be responsible for the short sale payoff? |
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mudshark
3832 Posts |
Posted - 10/30/2008 : 09:05:23 AM
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| Make absolutely sure that the negotiator has your cell phone number so that you can pick up. If you miss a call, it could be a week of phone tag for them to call you back. |
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cosmomortgage
54 Posts |
Posted - 10/30/2008 : 09:12:17 AM
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| Absolutely, mudshark. |
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Bluewaterfl
51 Posts |
Posted - 10/30/2008 : 09:27:05 AM
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Hold on! Will someone w/ more knowledge than I on this subject respond to Cosmo's 2nd to last post?
It looks like he/she may be getting in over their head. Cosmo's trying to make a profit on the end sale and doesn't realize the legal ramifications if this is not handled properly.
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cosmomortgage
54 Posts |
Posted - 10/30/2008 : 10:01:20 AM
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| At this point I am speaking ( actually have a call in to them, as I just found out about some of this today) with the attorney handling the deal. And I am also looking for some advice here. But yes, I am trying to get my ducks in a row, and want to find out all of the possible implications of going this route. |
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Bluewaterfl
51 Posts |
Posted - 10/30/2008 : 1:32:31 PM
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There you go. Hopefully someone will give you some advice or lead you in the right direction. I believe that I understand the process, but I am not qualified to give definitive advice on this subject.
If you do a forum search on short sales, there is some interesting stuff written by some people who really sound like they have a firm grasp on the process. I'm really concerned about compliance, so I've been consulting an attorney regarding short sales. This forum is a great source. Just remember that it is a forum and it is(at least in my mind) a good idea to do your DD and make sure that anything you're going to try and implement is 100% legal.
Good luck |
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cosmomortgage
54 Posts |
Posted - 10/30/2008 : 2:13:11 PM
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| Thank you Bluewaterfl. I agree. |
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