Well Skank Of America is at it again. Did I say Bank of America? or should it be Skank Of America? A pure waist of Stimulus Money and Tax Payer $$$$$$$$$$. It took them 4 months to approve my Short Sale and now the loan is sold to NationStar for the process to start over. What a mess and why should any one bother?
Lucky for you, Nationstar is one of the better SS lenders to deal with. You'll need to do your own BPO. Might as well start now.
Look for BofA to transfer more of their loans based on their announcement a few weeks ago. They're also cutting employees to reduce costs.
I had one that was with the investor for approval and the servicing was transferred to Greentree. I think they are doing this in response to the lawsuit settlement. They do not have to comply if they no longer service the loan. It is crap and they should be held accountable for their actions (or lack of action).
This happened with a BOA file I worked on as well. I received the approval and then the very next day was told the loan was service released to SPS. Unfortunately, there is little anyone can do but work through it. SPS has taken their time, but thankfully they've done all they can to explain every step of the process on their end. Frustrating? Indeed!
It happened to me too and now I'm 4 months in with SLS.
B of A transferred (sold) the loan without notification to the parties in the transaction. B of A just removed the file from Equator! It took me a few days and several calls to find out who the new lender is. In working short sales, I'm used to surprises, however, in this case the most stressful part was that the file had a trustee sale date coming up soon and even the B of A attorney didn't know that the file had been transferred.
Why bother? For me, it's because I truly care and I know for a fact that there's life after a short sale.
So many families are being taking advantage of at the worse time and I firmly believe that by educating as many people as possible, we shield them from the unscrupulous.
Short sales are not for everyone and if you're an agent and your heart is not in it, consider referring the short sale clients to someone that is a specialist. Your clients deserve it and after all knowing our strengths and weaknesses makes us the best we can be as professionals. The good news is that by being a member of this SS Specialist Network we already have an advantage, so keep up the good work and let's commit to learning something new every day and to be a part of the solution.
Best of luck to all of us!
I still say why bother. It is not that I do not care, just can not deal with incompetent people. I have successfully closed 100% of short sales for the last 20 years, when it was a Niche also now that it is a Market. The segment of the market that can use Education as it pertains to short sales are the Mortgagees sending out notices of default with a short sale in progress. Taking a few classes in short sales and getting a designation do not make anyone a Specialist. The buyer just walk and the seller still have no paper work at this time from NationStar. The property happens to be a condo which will lose it's FHA endorsment in December 2012. Nuff said !!!!!
Well Everyone, this property finally Settled on August 30, 2013 with NationStar. NationSar was far more easier to work with than Bank Of America. It took longer with the second purchaser due to her lenders inability to approve her. NationStar and the seller patiently waited for purchaser to get approve.
Glad to hear it finally closed Francine! Patience pays in this business. Its the ones like you who wait patiently and don't EVER give up that are making a difference in the lives of hurting home owners.
BofA just did that to 2 for me last week. It isn't the "occasional" happening that it used to be to me, seems a move to now expect from BofA as a short sale gets near closing..
Well, the good news here is Nationstar is easy to work with and quick and they use Equator. They did require the approval on my 2nd with Real Time Business Solutions prior to moving forward on their end but they are pretty easy to deal with.