The latest in the Countrywide/BofA short sale fiasco... "you've been randomly selected..."

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Education & Training with HD Realty BK662006

The latest in the Countrywide/BofA short sale fiasco... "you've been randomly selected..."

 

Yep, that's the words still ringing in my ears... We've been working on this file since DECEMBER 2nd!  The home has been vacated for almost a year... this is DEFINITELY a short sale deal... C'wide/BofA has already approved and closed the identical house in the same subdivision for the SAME SELLER months ago... and yet

"Your file has been randomly selected for a new Fannie Mae program where they will review the file for a possible modification.  They've sent a letter to the homeowner with some further info that they need, financials, etc. and if he doesn't respond within 30 days, they will stop working on the modification and it will get assigned back to your same negotiator."

 

Wwwhhhhaaattttt???!!!???

So what you're telling me is that I've been taken OUT of the short sale que so we can see if a modification is possible on a home that the seller has already abandoned?

By the way... the "letter" they sent my seller was sitting at his front door the other day when I went to check on the property... why would FedEx leave a letter at the front door of an obviously vacant house?  The front doors are all glass and you can see right in that it is vacant!

I've having my seller respond to their "letter" in the negative, as in:  "I don't want a $^#$%& modification!  I want my #$%&^#$%@ house sold!  We've been trying for 9 months, we've found you 3 different buyers, you've done 8 BPO's and 2 full appraisals on this house, and yet here we are still discussing it!  Move me back into the short sale department... NOW!"  ( I anticipate that he will put it more gentle when he talks to them... he's actually a very GOOD communicator, but I know that's what he'll be thinking!)

They say that might get me back in the short sale department in less than the full 30 days.  we'll see.

Anyone else experienced this yet?  If not... I guess I've warned you!

 

AAAAAAAAARRRRRRRRRGGGGGGGGGHHHHHHHHH!!!

 

 

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Rainmaker
21,530
Daniel "Dan" Waterman
Gilbo Realty - Syracuse, NY

Presidentlal Polls

Andy,

 

All I can say is WOW - this is the first fulll story proving something of speculation!  We've been discussing this type of initiative during our courses around the country based on some intel that we've gathered of the past few months.  It's a VERY real situation that may have the appearance of assistance on the surface, but may have some ulterior motives underneath.  It would certainly behoove the current administration to announce at such a critical poll time that "foreclosures are down".  Not true.  Wagging the dog is a tecnique that remains alive and well.

Speaking of which, what happened to the Health Care Bill?  But, I digress....

Some asset managers have actually been approached to act as short sale managers recently as well.  Their reaction was not exactly one of excitement.

 

Keep working hard and speaking out.  Thank you for the article.

 

Dan

Aug 27, 2009 06:19 AM #1
Rainmaker
102,017
Andrea "Andy" Tolbert
HD Realty - Sanford, FL
Broker, Safety Expert, Instructor

HI Dan,

They said the "program" just started about a month ago, and the "letter" actually came from Home Rentention Group.

 

Aug 27, 2009 06:49 AM #2
Rainmaker
272,537
Jim Palmer
Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL
Washington County, Florida

Now let me get this straight..Same seller owned two houses at the same time? I'm guessing that an investor got caught being the last one sitting in the game of musical chairs. Please feel free to correct me if I am wrong..

Is that a hardship..No.. It is a bad business decision

Aug 27, 2009 11:07 AM #3
Rainmaker
539,227
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Andy - A big BAD YES!!  I had a file submitted to BOFA in MAY.  It was "selected" for Fannie Mae loan mod and they STOPPED the short sale process.  The seller does not even live there anymore.  We have lost two months.  The borrower must call in to DECLINE the mod and say "continue" with short sale.  In my case, the two months lost will probably lose the deal... 

Aug 27, 2009 11:10 AM #4
Rainer
262,478
James Bath
Gulf Shores Realty - Venice, FL
REALTOR® , AHWD® , SRES® ,e-PRO®

Andy, What a MESS!  Imagine the LIBRARY that the Real Estate Industries are going to fill with real life tales of the NOT SHORT SALE era.  We are supposed to have learned all we need in life while in K-Garten.  Sorry, K-Garten teachers you are terrific for what you do, but you failed to teach us about ARS-Backward Common Sense being the way to deal with Big Ticket Sales and Purchases.  This all started with the ridiculous concept that you had to be in arrears or in default before anyone at the "Bank" would/will talk to you.  

Dah, where is my K-Garten Teacher?  She was named Mrs. Marshall; You can guess what we 5-year-olds called her, when we were in the sandbox with out alphabet blocks.   (answer backwards=wollemhsram)  Yes, her name has nothing to do with the Blog subject, which is Crazy among Crazy, and nothing that we can explain to even a 5th Grader, so why not a little fun?

I am happy selecting nicer homes for listings that I can show the day-lights out of and meet the kind of people that have their brain in their heads, not elsewhere!  Keep up the good work and Posting!

 

Jim-In-Paradise   (www.ParadiseJim.com)

Sep 07, 2009 08:41 AM #5
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Rainmaker
102,017

Andrea "Andy" Tolbert

Broker, Safety Expert, Instructor
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