A Quick Note: I had a few people ask me if they could get in contact with Matt Vernon. We talked with him at length about the problems BOA is having with their short sales. He is well aware that they do have problems. He is working to fix them. The problem is that it takes time to change the direction of a ship as big as BOA.
Isn't it pathetic that lenders won't give us a copy of the BPOs? Wouldn't it be helpful if we could get an actual, complete copy of the BPO? Here is a new strategy you can use to get a complete copy of the BPO. A complete copy of the BPO will make it much easier to hold BPO agents accountable. We are going to use this to get copies of the BPO on all of our short sales.
Here is the step by step strategy:
1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.
2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost.
3. Since the BPO is being paid by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO. Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.
If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, The FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov. Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with them.
Are you looking for a marketing system to list more short sales? We have developed a system to farm and convert the Pre-Foreclosure Leads and the Expired Short Sales. It enables us to list a consistent number of short sales each month. Now we are offering it to other agents. Get more info at: http://www.AgentLeadExplosion.com .
If you're running into problems with short sale files, then you probably need to look into the How to Escalate a File Course. Get more info at http://www.HowToEscalateAFile.com .
You can get a copy of all the fax numbers for congress and a fax template to send to them here: http://shortsaleagentadvocate.com .
Got questions about short sales? Just ask.
Ben Curry & Chris Curry - Keller Williams Real Estate, Gainesville Florida.
We specialize in short sales in Gainesville Florida. Gainesville Florida short sale, Gainesville fl short sale, Gainesville Florida short sales, Gainesville short sale