Delay Delay Name of Game with Bank of America FHA Short Sales

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

I know I am not alone with having issues with Bank of America and their processing of FHA Short Sales.  Realtor forums across the internet from Linkin to Short Sale Superstars and our own Active Rain have hundreds of blogs on this subject.

I am in the 10th month and my 3rd buyer on my FHA Short Sale with Bank of America.  After surviving the "waterfall", the denial of another loan modification despite the fact that the homeowenr had been denied several other times, to finally getting the Approval to Particiapte I have gone through each phase.  The various assigned Phase 1, Phase II and whatever Phase they claimed the file was in.

But you finally hit a wall - you can only submit the same papers so many times before you just have to wonder - WHY ALL THE DELAYS???  Is this file being sold so they just want to delay approval so it can get sold?  Is this an issue with a negotiator flexing her sense of power over those that have no choice but to follow whatever requirements she throws?

Despite escalting through Hud's National Servicing Center, despite twittering every couple of weeks to get some action on the file, the request of not being able to read this document or this other, wanting this line on the Hud-1 changed to read this way and that date needs to be changed because - Oh, the extension was only for this time and I didn't tell you why it has to read this way...I have hit a wall.

Hanging on the Wall

If I use twitter the negotiator will respond only to tell me I need to submit this or change that and another week will go by after I submit whatever she asks for before its reviewed or acknowledge and meanwhile the clock keeps ticking on the file.  Without the official short sale the buyer can't start their mortgage process, and it appears that even with an actual approval letter Bank of America can still pull some other tricks up its sleeve.

So why is NAR not stepping up to the plate on this?  Why does Bank of America claim that they want to partner with Realtors and then treat us like the black sheep in the family? 

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainmaker
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Ron Wickes
Keller Williams - Broker Associate - Conroe, TX

The only way I got them to move was to compalin loudly on Twitter and start telling the whole world how bad they are. Amazing what they can do when they want to do something. Start shouting loudly on all of your social media outlets!

Feb 27, 2013 09:56 AM #1
Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Totally agree that is why I wrote this and twittered it, google plus, facebook, linkedin, etc. etc.  Trying to be nice to negotiators does not seem to work or trying to reason - it's a shame we have to resort to this to get something done that benefits someone else much more than it does us.  But that's why we get paid all that big money.....

 

Thanks for agreeing!

Feb 27, 2013 10:00 AM #2
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Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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