Short Sale Negotiation Approval in Brockton MASSACHUSETTS
Our loss mitigation efforts in Brockton, Massachusetts finally paid off. This sale came in while I was away and Nick did the intake. I called this woman when I was back because I became highly aware she had an auction scheduled on her property. The property was listed with Keith Shaw out of Keller Williams. I called Keith immediately and asked him to firesale price the property, which is tough on any property backed by Fannie Mae. Fannie out of any investor has unrealistic opinions of short sale values and tends to want more than a property is worth. This many times can send a homeowner right to foreclosure. The problem with this particular property is we couldn’t get more even if we had tried.
This property in Brockton Massachusetts had been on the market two additional times with other Realtors and overall had been on the market over 800 + days over the span of three years. Unfortunately Fannie does not look at this information so this was going to be an uphill battle.
Bank of America was the servicer. If anyone has worked with BOA you know that their processes are SO cumbersome and slow things down to a crawl. Most short sales an be submitted and approved in less than 60 days, but with BOA, the paperwork is a noose around your neck. Just to INITIATE a short sale with Bank of America you need a minimum of about 8-10 pages including a realtor certification form, buyer certification form, 4506T, listing agreement, and authorization. Most of the paperwork is not necessary to start a sale. To start a sale, servicers should just need an authorization, but that’s how Bank of America rolls.
Unfortunately, BOA prolonged collecting the required documents for months and we had kept track. This forced the woman to another auction date that up until the day before we were fighting to get cancelled. I’m SO grateful for the help of Will over at the Massachusetts Attorney General’s office. Without his help, this short sale could not have gotten approved nor, reviewed. All loss mitigation efforts on this short sale had slowed to a crawl with this servicer.
The homeowner ended up not on writing to the CEO of Fannie, but also the CEO of BOA. This sale was the epitome of poor communication and progress and unfortunately BOA’s Equator system only hinders their document collection process. Especially when we are asked for the same certification 3X being told it’s illegible, when it was clearly legible to all parties on our side of the transaction. The worst about BOA and Fannie is we have to do double the effort between Homepath and Equator and it does NOTHING to help or speed the Massachusetts Loss Mitigation transaction but make more work.
This sale was started in May with 3 auction stops, and I am happy to say finally getting approved today. Thank you to Maria in our office who worked so hard, AND especially Keith Shaw out of Keller Williams for sticking with the sale and seeing it through.
Our Massachusetts Short Sale homeowner is very happy with our negotiation efforts.