Escalating Contacts: BofA, Chase, Wells Fargo etc.

[Kate Fomina]

Lately it takes forever to close a Short Sale. Does anybody know why it takes sooo long for a Negotiator to give an approval even if all documents are submitted and the Investor will get more money VS foreclosure? While it is still not helpful to escalate to a supervisor level and too soon to contact a CEO or AVP I am looking for any contacts of Short Department Management.

[Scott Hubbard]

Originally posted by Kate Fomina:

Lately it takes forever to close a Short Sale. Does anybody know why it takes sooo long for a Negotiator to give an approval even if all documents are submitted and the Investor will get more money VS foreclosure? While it is still not helpful to escalate to a supervisor level and too soon to contact a CEO or AVP I am looking for any contacts of Short Department Management.

Currently BOA is revamping their computer systems and will be utilizing REOtrans.com for short sales and REOs. Chase is also revamping their systems as well. Not sure yet if they are going to use a third party. If you have already submitted short sales to these lenders, I advise you to call the Home Retention/Loss Mitigation departments again to make sure your package is still in their systems.

Sign up for REOtrans.com... You will be able to view status reports on future short sale submissions.