We got this listing and thought that we would just find the Buyer and run it with Boa VIA Equator, and be done with it.
And then the Seller has received a letter that she was chosen to participate in Co-Op Short Sale Program, and there were quite serious perks to jump on it. No deficiency, stopping foreclosure, $2,500 allowance...
So, she filed her paperwork, we did ours and submitted it all to those Dignified Solution's people. They acknowledged that we are OK. We had a bunch of showings, reduced the price a few times, and the contract came at $80K.
Long wait from Co-Op people, can do anything with Equator, as they are supposed to initiate it, a few complaints, and finally we got to Equator. In the process, being frustrated with no timely response, I asked if we could switch to a regular short sale and not deal with this Co-Op BS. The answer was «No». They «had» the loan, and we could not bypass them.
The summary judgment came and the attorneys and the judge agreed on 90 till Foreclosure Auction date. Notified Dignified Solutions, no problem, we have plenty of time.
Then they come and tell us that we need to list it at $99K. Well, we have accepted contract for $80K, and $99K is quite overpriced. Asking them whether they insist on cancelling this contract and put it back on the market for $99K, which was the last listed price before accepting the $80K offer.
They don't recommend it and a week or so later again tell me that they need it to be listed at $99K. It is like talking to the wall. They keep repeating things as if they did not hear you.
Meanwhile, there is a Fllorida incentive, and Sellers under certain conditions are guaranteed $5K to $20K. Calling them, they check and say that the Seller qualifies, and is entitled to get $8,911. We are pushing the Co-Op and Negotiator to use it to so that they agree to drop the price at least by this amount. Sending they the proof that similar houses start from $53K...
They say it can be done...
Then there is a long drought in the communication. Nothing. They do not respond to e-mails, do not answer the calls and do not return the calls, Equator is wonderfully dead...
Tweeting BoA. Immediately someone calls, promises to investigate, and next day I get a conference call from Dignified Solutions and Negotiator for BoA. Sounds like they were listening for the first time.
Again the same crap about the investor (Fannie Mae) needing certain amount to clear, and I finally able to get that figure from the negotiator. We agree on preparing new HUD using reverse engineering from the Net to Lender considering crediting the Lender with the incentive amount.
They say they would open a task in Equator for us.
Getting the closing agent to do reverse engineering, and the gap is about $4,500. Before I call the Buyer's agent to ask if they would take it, the task is open and it ia a counteroffer, which is very different from what we have discussed. If we accept it, then the gap is about only $500.
We accepted it, even though there were some mistakes in the way they computed the taxes and other small stuff.
It was November 21. Did not hear from them. And foreclosure is coming. Sending e-mail to Negotiator, sending e-mail to Co-Op Transition Advocate screaming «URGENT». Co-Op comes back next day. They can't do anything. Fannie Mae will not stop the foreclosure sale.
Tweeting BoA, they call back next day, nothing can be done.
House foreclosed December 12. Looking at the documents sent to the Seller, it sounds like as long as you follow the program's guidelines, it should not be foreclosed.
Does anyone has the same experience? Can anyone give me the contact at Fannie Mae? Has anyone ever made them vacate the Foreclosure? We did it once with Chase, but never with BoA/Fannie Mae...
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