Seeking Executive from Bank of America - Short Sale or Influencial (foreclosure, second mortgage)

[BSmith36]

Hi All,
I am aggressively working to keep a BofA 6 month old short sale with written approval alive. BofA has included a deficiency clause in the written approval which the negotiators and closer (who have been terrific and may now have their hands tied by bureaucracy) state is impossible to remove, no exceptions, no solutions offered, no further negotiations. The seller wants to walk from the short to allow foreclosure. This is not a self preservation plea, literally a dozen people have invested 6 months to help BofA and the seller be successful and now in the 11th hour, BofA appears to be content with decreased revenue and rapidly approaching foreclosure date. Does anyone have a written approval from BofA with no deficiency clause? How about a BofA contact who might hear a plea for mutual success? Thank you!

[bobhertzog]

Unfortunately, there is no hope. I am working several BofA short sale transactions, and in the last 4-6 weeks, their strategy has changed dramatically (for the worse, I might add). My client and I were featured on tonight's Call 12 For Action on this very same issue. The lenders have always been greedy, but now it's gotten worse. To see the interview, click on this link:

http://gannett.a.mms.mavenapps.net/m..._referrer=staf

Good Luck!

[altus2006]

They seem to have gotten greedier after they were bailed out and are now flush with taxpayers funds.

It is like the old saying, "Don't worry, be happy".

altus2006

[goodhomeloans]

Originally Posted by BSmith36

Hi All,
I am aggressively working to keep a BofA 6 month old short sale with written approval alive. BofA has included a deficiency clause in the written approval which the negotiators and closer (who have been terrific and may now have their hands tied by bureaucracy) state is impossible to remove, no exceptions, no solutions offered, no further negotiations. The seller wants to walk from the short to allow foreclosure. This is not a self preservation plea, literally a dozen people have invested 6 months to help BofA and the seller be successful and now in the 11th hour, BofA appears to be content with decreased revenue and rapidly approaching foreclosure date. Does anyone have a written approval from BofA with no deficiency clause? How about a BofA contact who might hear a plea for mutual success? Thank you!

Did you ever get a solution to your problem? I'm having the same issue and trying desperately to get it resolved.

[Rick Lee]

I don't know much about deficiency clauses, but I thought the lender could still go after the seller, if the money from the second mortgage was used for stuff other than improving the property. I'm supposed to hear today about an approval from Wells Fargo on a short sale we're trying to buy, the property of which was abandoned by the seller months ago. WF has both the first and second notes on the property and is taking a bath on the whole thing. I don't know how the seller spent the money, but I highly doubt it was on the house. I wonder if there's gonna be a deficiency clause in this approval that motivates the seller to just stay hidden and let the place go to foreclosure.

[Master Shake]

Moderator cut: hostile langauge
I wouldn't be surprised if you found the exact same property in a few months listed for much less, but this time as a foreclosure -- and with a new BofA person mis-handling the transaction this time around.

Be prepared for a very long and extremely confusing, irrational & completely illogical battle with BofA -- especially when it comes to anything to do with buying a property from them.

If I were in the market for a short sale or foreclosure, I would avoid anything that even merely mentioned BofA anywhere.