BofA Short Sale Success...Sometimes, The Squeaky Wheel DOES Get The Grease!

Reblogger
Real Estate Agent with Remax Signature

Yes, Bank of America is quiet interesting.  I just listed a short sale. The owner called the bank and a nice lady said "Let us know when & who you list with" He has since called 4 times.  No employee will talk with him & the response got colder & colder.  I wanted him to start on his financials (fortunately I have a past list) - They won't tell him anything at this point except that they need to see an offer.

So I fax and I fax - as that was all they would give was a fax number.  In the meantime, I encourage him do do the packet as it was in the past- as we all know that can change ~~

This is a viable sale-he built it so the mortgage is low & I priced it compared to a bank owned (under contract) 2 blocks away.

Keep those gloves on & I will too!

Original content by Bob Hertzog

BofA Short Sale Success...Sometimes, The Squeaky Wheel DOES Get The Grease!

Many of you read the blog I wrote last week titled, "Is BofA Servicing Your FNMA Short Sale? If So, You Need To Read This....".  

If you haven't read it already, please click here before continuing.

Basically, BofA was servicing a FNMA-owned loan.  FNMA had given their approval for the short sale, but BofA decided to foreclose on the home less than two weeks later, despite telling us that the foreclosure had been postponed.  I immediately contacted our local NBC affiliate, and they ran a story on it last week.  To see the news story, click here.

To make a long story short, today I received an email from BofA, RESCINDING THE FORECLOSURE that took place on March 17th, 2010.  You heard it right, FNMA is deeding the home back to my clients so that they can proceed with the previously-approved short sale!

So, my clients, who tried to do the "right thing" and not simply walk away from their home, will not have a foreclosure on their credit report.  Needless to say, they are thrilled with the news.

The next time a lender makes such an egregious error, CALL THEM OUT BY CONTACTING THE PRESS.  Lenders like BofA do not like these stories getting out to the public, as evidenced in this case.

Moral of the story:  Short sales are a contact sport.  Don't be afraid to take off the gloves and start swinging.

Bob Hertzog

www.foreclosureuturn.com

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Comments (1)

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Mary,

I am glad to see you on AR.

As for the situation, we had one of our short sales being sold a week prior to the closing. It was Chase. We called the Lender, showed that they were informed of the request to delay the sale, and they rescinded the sale, and we finally closed the short sale.

It was tense, of course

May 30, 2010 12:01 PM