Realtor Short Sales Training and Resources
I just received a listing on a home with Bank of America as servicer for a Freddie Mac loan with India Investor. Here is the question. Does anyone out there know of anyone that could escalate our offer? I listed it on Wednesday and received a great offer on Monday. I have been "accepted" as the agent with an offer but have not been given the task to give them the offer yet. I did put it in Equator's library just in case someone needs to review it there. Have just a few days to try to stop the sale. Background: borrower behind since 2009 with a bankruptcy throwed in the middle which has been released, tried a loan modification with no luck. Very expensive home. Any ideas?
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Permalink Reply by Kelly C. Spicer on February 8, 2012 at 8:02pm Do you have a "human" contact to discuss this with BofA? If someone is assigned to the case, it might be nice to send them an online card introducing yourself and try to obtain good relations with that particular person.
Permalink Reply by Lynn d' Lindsey on February 8, 2012 at 8:58pm No warm person yet, jusst Baci Generic in Equator.
Permalink Reply by Tracie Norman on February 8, 2012 at 9:37pm Do you have access to the BofA escalation tool? As a RE/MAX agent, I have access to an escalation portal. . .BUT the experience I've had has been that FNMA or FMAC needs 30 days notice to delay.
Permalink Reply by Lynn d' Lindsey on February 10, 2012 at 5:17pm Thank you Kelly. I will be getting a negotiator on Saturday (tomarrow). A very nice idea irregardless of the outcome. Thank you!
Permalink Reply by Carol Pease on February 13, 2012 at 5:13pm Try the Twitter team @BofA_Help. They seem to be very proactive and helpful. You may be fighting a losing battle with this one because of all the complicating factors. Assuming you get this stopped you will have to find the department inside BOA that handles post-bankruptcy discharged short sales. They are very timeconsuming and labor intensive because you will have to tell your story over and over. So to start out, let them know that there is a bankruptcy involved when talking to them.
From my experience, it is very difficult to get a Freddie Mac Foreclosure Auction stopped less than 10 days before sale.
Permalink Reply by Lynn d' Lindsey on February 21, 2012 at 9:25am Thank you everyone for your feedback. It did get foreclosed on. My first loss in thirty years but I took it a week ago, ao I was probably too optimistic. I did learn though that loss that we could do a REO Short Sale after the foreclosure IF the bank bought it back because we are a partial redemption state.

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