Bank of America is accustomed to making mistakes but this latest one will be costing many of their short sales to get decline in error. In all the movement of trying to get everyone on the new equator system the lender seems to have lost track of things and has sent many of its FHA and other Government Loans, including some Fannie Mae and Freddie Mac files which are supposed to go through the old traditional path ways.
We attribute much of this to poor training given to the agents on the floor, which maybe apparent, but it is extremely important for the professional to pick out as the Short Sale Department advises what they and if they are not sure they can make up any reason as to why your file has been declined. When we request information for our clients it is important to know all the details. In an example there was a case where we came across an investor FHLMC (Federal Home Loan Mortgage Corp) which was important to know as it is part of the Freddie Mac portfolio. The Short Sale Department counselor had no idea in this case that this was a Freddie Mac and immediately it is important to know that she was not on the right path because she immediately followed with, “this file is not a Freddie Mac or Fannie Mae Loan”. These types of issues happen all the time. Bank of America is not to blame because you try out information dissemination but it doesn’t make the lives of anyone dealing with these problems any easier.
This is what the letter states that you may have received:
IMPORTANT MESSAGE ABOUT YOUR ACCOUNTWe have received your information requesting assistance with your account(s), due to the hardship you are facing. Unfortunately, at this time we are unable to assist with your request for the following reason:Decline – Oops Set up in ErrorThe current short sale has been closed because it was opened in error. If a short sale is requested, please send in the purchase contract, HUD-1, and supporting documents so the short sale may be reconsidered.WHAT THIS MEANSIf your account(s) is in foreclosure, a scheduled foreclosure sale will be conducted by BAC Home Loans Servicing, LP unless BAC Home Loans Servicing, LP specifically agrees in writing to suspend or cancel the foreclosure sale, or your loan is fully reinstated or paid off in accordance with your loan documents and applicable state/federal laws prior to the scheduled foreclosure sale.If your account(s) is delinquent, BAC Home Loans Servicing, LP will continue to report all delinquencies to the credit reporting agencies until your loan is brought current and/or paid in full.WHAT YOU NEED TO DOIf you feel there is additional information you would like to provide, or if you need additional information, please contact one of our Short Sale Customer Contact Representatives at 1-866-880-1232.