Recently, I was working on a short sale file with BofA. We had been working on it for sometime, so we were checking weekly to make sure that there was not a trustee sale date.
They ensured us everytime that there wasn't one. The file had finally gotten into the hands of upper management and we were expecting approval very soon.
One day I got a call from a local agent saying that the home had gone to foreclosure and we needed to remove the lockbox.
I checked again several times with BofA to see if it had gone to sale and if so, how??? In the process of doing our research we come to find out that Fannie Mae was foreclosing, so we contacted the buyer's agent, took our lockbox off and wrote it off. We tried to find out what we could have done differently, so that this wouldn't happen again and the only answer we could get was to contact the bank. (Lot of good that did) I would still like to know if anyone has a better solution...
About a week later I got an email from equator requesting my response to their counter...I figured what the heck and just accepted...then I get a call from an agent that was assigned to do an interior BPO... By now I am thinking, "WHAT THE F&*#^ IS GOING ON"???
Yesterday I checked again with BofA and was told that they did not want to foreclose because of the fact that they still wanted to try and get the short sale done.
Of course now the buyer is gone and I had to put it back on the market to try and replace the offer, but in over 3 years of working short sales, I have never had this experience.
I would really like to hear from anyone who has had a similar situation and how they dealt with it. ARE WE GOING TO SEE MORE OF THIS IN THE FUTURE???