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

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?

RESOURCES:

For Real Estate Agents: Subscribe to my weekly e-zine at www.AndyTolbert.com

For Homeowners: BeforeYouShortSale.com and SeminoleCountyForeclosureBlog.com

For Investors: IRCFlorida.com

Posted by Foreclosure Specialist Andy Tolbert on 10/07/2009 06:04 PM

Comments (19)

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

OCT

Now we need other banks to take a page frm this book. I really think that the banks' in ability to confirm to this market has really hurt them.

It's about time! They're frustrating!

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.

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.

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

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!!

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

OCT

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

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?

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!!!!

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.

OCT

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

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

Dan

OCT

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

OCT

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

OCT

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!

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.

I'm in SHOCK!!!

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