I have recently had some problems with B of A up including upper management. They tell us that they are working in good faith to close short sales and then want more than market value. WE CAN NOT SELL FOR MORE THAN MARKET... I have many such cases of this. I have several problematic files that they have ignored and I can not bring attention to even after being escalated.
The standard of stay on the phone till you get a favorable answer has failed. Even e mails to the UPPER MANAGEMENT who I have gained access to through trade group contacts have gone silent. Fannie Mae and Freddie Mac are getting soaked for these losses. That is of course us as Fannie and Freddie are broke and owe us about 200 billion dollars.
So here is what I did... I sent them a Youtube Message.. If anyone here knows Mr. Monyihan have him give me a call I would love to talk to him. I think if he took the time or even has the background to understand the mortgage business things could change. Maybe Freddie Mac or Fannie Mae will pull their ability to do loans, if they can not get things together.
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Even 3 days after taking to the Sr. V.P. at Bank of America and then sending them an e mail yesterday there has been not contact, let alone a resolve on this file. For that Reason the I am reposting the video. I am back at the customer service window and I am not going away until I have the files resolved. Go see the video at
www.shortsalenurse.wordpress.com
George, You presented excellent information and excellent solutions/ proposals for solutions. I will contact my Congressman. He is also easy to contact, makes himself available on Facebook, thru emails, thru his website,
thru phone calls;twitter etc and he replies. (Florida- Connie Mack). He consistently asks questions to his social networking audience. I agree we need to be vocal and not just complain, and suggest good solutions because obviously they have no good solution at this point. If E-Mits can't be purchased and/or used, there are certainly brillant program developers who could develop an excellent system. I like your point that if a bank claims they offer short sale services, but have no means or method or know-how to do so, they shouldn't be allowed to make the claim. In some respects it seems that when we submit a short sale to a servicer who can't handle it, it triggers the red flag to proceed with the foreclosure sale. There are far less lis pendens filed, yet they seem to be on the ones that attempted a short sale or loan mod. That comment may be too subjective or local, but it doesn't make sense that the homeowner trying to communicate with the bank in some fashion (w/a SS or mod ) is then foreclosed on, but the deserted property in the same neighborhood sits there without any legal action. Anyway, thank you for the informative and helpful responses, and for taking the initiative to better the current state of affairs in the mortgage mess.
George, you are asking a lot. Remember, the people running this show are the same idiots who were lending 100 CLTV to 520 FICO people in a market where values were increasing by 20% per year. These same people got bailed out by us taxpayers, kept their jobs and are now driving the market down as fast as they fueled the boom. These are the same people who have made the mortgage broker the villain even though they were the ones pushing and buying the lower standards for their own profit. Same people who will still lend 97% LTV to a low FICO FHA buyer, but won't do a stated income loan for someone who will put 50% down payment and has an 800 FICO today. Speaking of FICO, since that obviously wasn't a tool that could predict who would default; why is it and DU still being used instead of good old fashioned common sense loan underwriting?
Yes, the lunatics have taken over the asylum and 1/2 the problem is on the short sale and REO side of it, but the other 1/2 is the loan side where ultra conservative lending is keeping buyers out of the market and artificially keeping home prices down.
Angela: You bring up some good points. Let me share a little bit of my background, I am an old loan hack, in total career time as a REALTOR I am really pretty young. I only started selling homes about 6 years ago. But I have seen about every Bank Computer Platform there is. One of the Best I saw belonged to Indy Mac Bank, it was called E mits. I could fax in a file and see it digitally mastered sorted and put in a que so the underwriter and I could discuss it looking at the same docs in real time if necessary.
Then there was /is Flagstar's Platform, also a great system very similar to E mits. A Broker or Correspondent lender could do it all as if they were the Bank, in fact I did just that for many years. And lets add some real magic to both systems, they underwrote the file in DU or LP and the system had independent investor model included.
So the LOAN MOD PORTION of the short sale process that is creating much of this could be avoided. The SHORT SALE DEPARTMENT is not even looking at the loan mod departments information. That is why we are doing the verifications so many times. Look at a short sale as an UN Loan because that is what we are doing, first we prove our client can not afford it, at least twice and then we fight to sell the home. Plus they are willing to and do demand prices we can not sell the property for , thus they may not be albe to legitimately get the home to appraise for that dollar amount. I see a problem with this.
Equator as it is being utilized is not even that good. E mits became the property of the Government and could have been shared or sold as the FDIC took over Indy Mac Bank (provided there is something about the contract of ownership I do not know). I have even mentioned this to Congressmen in my area.
As I see it the resolve to do this is not there yet, as I mention in many of my letters to Congressmen and Regulators, "If we can go to the Moon" we can do a short sale. Right?" What time is the Short Sale Departure to the Moon?
You want to see the system change call your Congressman and tell him to call the FHFA and tell them if the Bank does not offer basic short sale services as they tell the public they will , they can not submit anymore home loans to Fannie and Freddie and this will be solved in 90 Days.... Go look at www.HOMEPATH.com I submitted a file to an agent on homepath Fannie Mae and the agent were both looking at the file in a matter of minutes I got a specific confirmation from the Agent.. not some generic message , the Agent Knew me, there was something included in the message that made it specific to me. We as a Nation need to demand better.