HOLY COW! Can It Be True? Bank of America Really has Streamlined Shortsales? Finally?

By
Education & Training with HD Realty

I just got off the phone doing my "status calls" on my short sales... and there might be hope!

First of all, "Michael" looked up my first loan number (the one we've been working on since December) and he said "can you hold on for a minute?"  then about 10 minutes later he came back and said "I had to double check because the notes didn't make sense... you've skipped phase 2 and we have investor (FannieMae) approval while you were still technically in phase 1! I've never seen that before!"

Now, I already knew we had "skipped" phase 2, but I didn't know that fannie had already come back with our approval.

This is the 2nd file since September that I've "skipped" phase 2. Don't know why or how, but I'll take it! YAYYY!

Then I gave him a new loan number... on a listing I just took.  He pulled it up, obviously there was no activity in the notes, and I told him that I was just giving him the heads up that I had taken the listing.  Then he proceeded to tell me that when I DO get an offer, as of last week there is a new procedure for submitting the file...

Are you sitting down?

Ready?

Fax in your contract and YOUR contact info. That's it.

Then a negotiator will send you an email with a link to the REOTrans website for your file where YOU will upload all of the other documents into their system.  No more faxing into La-La land and wondering if it got there! You'll be able to see INSTANTLY that the docs were uploaded!

My husband is a loan originator and they've been using a similar system for YEARS... and it's VERY easy!

Oh, and then he also said that website is where you'll go in the future to get status updates!

Could it be?

"Michael" also mentioned that he thinks they brought in a bunch more negotiators because he's been seeing a lot of new names lately in the notes...

IT'S ABOUT TIME!!!

Anyone else having a similar experience?

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Loretta Sukhera 10/20/2009 02:57 PM
Topic:
Real Estate Technology & Tools
Groups:
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Pre Foreclosures Bankruptcy and More!
Short Sale Support Group
Tags:
bank of america
countrywide
shortsales
short sales

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Show All Comments
Rainer
2,041
Tim Tolbert
Atmor Mortgage - Longwood, FL

It's about time! They're frustrating!

October 07, 2009 06:16 PM #2
Rainer
6,198
Matt Lateer
Llewellyn Realtors - Rockville, MD

Great to know.  It seems like some of the other lenders are faster to respond, but it would be nice if they also adopted simliar practices on required paperwork to ok a shortsale.

October 07, 2009 06:28 PM #3
Rainer
16,150
Mary Matero
Keller Williams Realty Florida Partners - Port Orange, FL
CDPE, e-Pro, GRI, SFR

I heard about the REOTrans B of A relationship on a CDPE forum.  I didn't know that they were getting that close.  This is wonderful news.  I hated the feeling that I was in limbo between faxing the offer and confirmation that it has been received.  Of course, they never get it the first time and that means a couple of weeks wasted. 

The last few status update calls I have made, the call taker first asks what the offer is and then confirms all of my contact information.  The ones I have spoken with have actually been pleasant.

Thanks for the great news, Andy.

October 07, 2009 06:32 PM #4
Rainmaker
222,360
Doug Jones
Mortgage Magic - San Jose, CA
Mortgage Broker - NMLS 286668

Not gonna believe it until I actually see it myself.....Bank of America blows a ton of smoke

October 07, 2009 06:47 PM #5
Anonymous
Anonymous
Rita Almonte

I really hope this its true! its been 4 months waiting to hear from them and finally 2 days ago , the negotiator call me , and ask me to send her a new HUD and also , to let me know that my seller will have to sign a promissory note for 10 years at 0% or $5000 dollars at closing ....  I was very excited to find out later on that my buyer walk-away!!! uff

They need to speed up the process !! its really frustrated for everybody!!

 

October 07, 2009 09:07 PM #6
Rainmaker
809,743
David Spencer
Keller Williams Team Realty - Bloomingdale, IL
Chicago Area Commercial-Residential R.E.

Fannie Mae has announced a newe program for short sale activities. Sod s like it will accelerate the process.

October 07, 2009 10:19 PM #7
Anonymous
Anonymous
Anonymous

Thank you for that status update. I am working with them now and am glad to hear the information. I learned a lot after going to your forclosuer & short sale symposium and from becoming a member on ActiveRain.

thanks again

October 08, 2009 07:49 AM #8
Rainmaker
681,951
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

This must be something new.  We closed a short sale with BOA in September and it was utterly grueling. They definitely need to get their act together.  The whole reason for the agony of short sales is because the lenders refuse to streamline the process and blame it on a backlog of thousands of files.  I say that is a bunch of baloney.  The REOs aren't backlogged.  What's the difference?

October 08, 2009 10:24 AM #9
Anonymous
Anonymous
George Medvedeff
You probably got another bank instead of BoA. Been working on this short sale for 7 months with them. Got written approval on sept 23rd, cash deal, everyone ready to close except that BoA does not have a closer negotiator to review HUD. Calling everyday since 9-23 and no reviewer will look at HUD and without it, title co. cannot close. Emailed HUD to supervisors, prior negotiator and still waiting. So they probably accelerated their short sales process except the HUD reviewing mechanism for closing needs a lotta work!!!!
October 08, 2009 11:20 AM #10
Anonymous
Anonymous
George Medvedeff
You probably got another bank instead of BoA. Been working on this short sale for 7 months with them. Got written approval on sept 23rd, cash deal, everyone ready to close except that BoA does not have a closer negotiator to review HUD. Calling everyday since 9-23 and no reviewer will look at HUD and without it, title co. cannot close. Emailed HUD to supervisors, prior negotiator and still waiting. So they probably accelerated their short sales process except the HUD reviewing mechanism for closing needs a lotta work!!!!
October 08, 2009 11:20 AM #11
Rainmaker
454,615
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
Destin FL Real Estate

Andy - I have other sources confirming that.  Now "operator" error might be blamed on the agent uploading...  We'll see if the new transition will cause further delays.

October 08, 2009 05:57 PM #12
Rainer
34,916
Colleen Cooley
The Corcoran Group - Jupiter, FL
CRS - Jupiter Florida

Now if WAMU would get on board, I'd be a happy camper. Talk about banging your head against the wall!

October 13, 2009 08:54 PM #14
Rainmaker
289,675
Dan Tabit
Northstone Real Estate Inc. - Sammamish, WA

Skeptically optimistic!  Like Doug, I will have to see it.  Heres to hoping.

Dan

October 13, 2009 11:38 PM #15
Rainmaker
45,135
Mary Kent
Five Star Real Estate - Grand Rapids, MI
Grand Rapids to the Lake Shore

Sounds good to me:) I choose to remain cautiously optimistic myself!

October 14, 2009 03:15 PM #16
Rainer
31,518
Makoto Sato
iNet Realty - Honolulu, HI

Andy, This sounds too good to be true. So, which fax number do you send your contracts to? - Mako

October 20, 2009 04:54 AM #17
Rainmaker
223,559
Laurie Mindnich
Centennial, CO

Andy, I noticed the new short sale section on ResNet- it's definitely on the site- and should be a huge help to short sale agents, if it's anything like the downloads required for REO's. Great news- organized short sale status...with a click, not a phonecall!

October 21, 2009 06:57 AM #18
Anonymous
Anonymous
Loretta

Thanks for the Info Andy, I have found your classes very helpful in the past.  But, I like everyone else is very frustated with B O A.  I did find out through a B O A rep that came from Country Wide, that the reason the bank is moving on the short sales is because B O A and Country Wide didn't become officially one company till October 1st of this year.  They had most of the short sales on hold till this date.  But, we are still at their mercy.  By the way on your article, you mention a faxing the documents.  What fax number are you using??  I see someone else has asked this question as well.  It would be great if you can give us this information.

October 21, 2009 12:11 PM #19
Rainmaker
173,903
Maya Thomas LLC, Broker
Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland - Key West, FL
Key West FL Historic Old Town Estates, Bungalows

I'm in SHOCK!!!

October 21, 2009 08:28 PM #20
Anonymous
Anonymous
Anonymous

It is true. go to www.equator.com (reotrans) and see for yourself. idid it yesterday and let you know how it goes.

December 12, 2009 10:43 AM #21
Anonymous
Anonymous
Anonymous

so far so good. I had 5 tasks on each of my files, scanned, uploaded, complete. will work with it some more today.

December 15, 2009 08:12 AM #22
Anonymous
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Rainmaker
97,791

Andy Tolbert

Orlando Waterfront Homes for Sale
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