Forum Replies Created
-
AuthorPosts
-
October 14, 2010 at 7:20 PM in reply to: My sale is getting sketchy – BofA shenanigans – advice needed! #618413October 14, 2010 at 7:20 PM in reply to: My sale is getting sketchy – BofA shenanigans – advice needed! #618964
SD Realtor
ParticipantAgreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.
Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.
Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.
They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…
October 14, 2010 at 7:20 PM in reply to: My sale is getting sketchy – BofA shenanigans – advice needed! #619083ParticipantAgreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.
Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.
Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.
They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…
October 14, 2010 at 7:20 PM in reply to: My sale is getting sketchy – BofA shenanigans – advice needed! #619398ParticipantAgreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.
Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.
Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.
They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…
ParticipantAl you have to do is look at the USD. It is getting crushed.
The FED is absolutely crushing the dollar.
I dont know when the sh-t will hit the fan but when it does… it will not be pretty.
Times will be changing.
ParticipantAl you have to do is look at the USD. It is getting crushed.
The FED is absolutely crushing the dollar.
I dont know when the sh-t will hit the fan but when it does… it will not be pretty.
Times will be changing.
ParticipantAl you have to do is look at the USD. It is getting crushed.
The FED is absolutely crushing the dollar.
I dont know when the sh-t will hit the fan but when it does… it will not be pretty.
Times will be changing.
ParticipantAl you have to do is look at the USD. It is getting crushed.
The FED is absolutely crushing the dollar.
I dont know when the sh-t will hit the fan but when it does… it will not be pretty.
Times will be changing.
ParticipantAl you have to do is look at the USD. It is getting crushed.
The FED is absolutely crushing the dollar.
I dont know when the sh-t will hit the fan but when it does… it will not be pretty.
Times will be changing.
ParticipantAt this point it is all laughable. However this sort of move is no surprise at all to any of us. Those who have been promising the tsunami year after year after year simply did not account for the sheer magnitude of the force they were dealing with. Quite frankly housing is initimately entwined with the fabric of our entire economy. This time around securitization was woven into the mix to only further entangle the nations financial resources, pensions, savings, you name it.
The moratorium does have merit based on posts that sdr made in the previous thread. The default process does need to be followed carefully and there really is no excuse for it not to be. Quite frankly, the servicing organizations that go through the default process are/were woefully understaffed. For many reasons these organizations didn’t handle the processing correctly. Given the sheer numbers involved it is reasonable to estimate costs into the 10s or hundreds of millions of dollars to create the PROPER infrastructure needed to do the job correctly and efficiently. It is also reasonable to assume these organizations were in no great rush nor was there any incentive by the govt to have them rush and do it right.
Once again, all of the events leading up to this may seem well orchestrated, but in reality are consequences of greed, cutting costs, and pretty much nobody really caring. It is basically a win win for deadbeats, banks, and the govt.
The only real losers are hard working people who pay their mortgage in a timely manner and those who are looking to buy a home.
ParticipantAt this point it is all laughable. However this sort of move is no surprise at all to any of us. Those who have been promising the tsunami year after year after year simply did not account for the sheer magnitude of the force they were dealing with. Quite frankly housing is initimately entwined with the fabric of our entire economy. This time around securitization was woven into the mix to only further entangle the nations financial resources, pensions, savings, you name it.
The moratorium does have merit based on posts that sdr made in the previous thread. The default process does need to be followed carefully and there really is no excuse for it not to be. Quite frankly, the servicing organizations that go through the default process are/were woefully understaffed. For many reasons these organizations didn’t handle the processing correctly. Given the sheer numbers involved it is reasonable to estimate costs into the 10s or hundreds of millions of dollars to create the PROPER infrastructure needed to do the job correctly and efficiently. It is also reasonable to assume these organizations were in no great rush nor was there any incentive by the govt to have them rush and do it right.
Once again, all of the events leading up to this may seem well orchestrated, but in reality are consequences of greed, cutting costs, and pretty much nobody really caring. It is basically a win win for deadbeats, banks, and the govt.
The only real losers are hard working people who pay their mortgage in a timely manner and those who are looking to buy a home.
ParticipantAt this point it is all laughable. However this sort of move is no surprise at all to any of us. Those who have been promising the tsunami year after year after year simply did not account for the sheer magnitude of the force they were dealing with. Quite frankly housing is initimately entwined with the fabric of our entire economy. This time around securitization was woven into the mix to only further entangle the nations financial resources, pensions, savings, you name it.
The moratorium does have merit based on posts that sdr made in the previous thread. The default process does need to be followed carefully and there really is no excuse for it not to be. Quite frankly, the servicing organizations that go through the default process are/were woefully understaffed. For many reasons these organizations didn’t handle the processing correctly. Given the sheer numbers involved it is reasonable to estimate costs into the 10s or hundreds of millions of dollars to create the PROPER infrastructure needed to do the job correctly and efficiently. It is also reasonable to assume these organizations were in no great rush nor was there any incentive by the govt to have them rush and do it right.
Once again, all of the events leading up to this may seem well orchestrated, but in reality are consequences of greed, cutting costs, and pretty much nobody really caring. It is basically a win win for deadbeats, banks, and the govt.
The only real losers are hard working people who pay their mortgage in a timely manner and those who are looking to buy a home.
ParticipantAt this point it is all laughable. However this sort of move is no surprise at all to any of us. Those who have been promising the tsunami year after year after year simply did not account for the sheer magnitude of the force they were dealing with. Quite frankly housing is initimately entwined with the fabric of our entire economy. This time around securitization was woven into the mix to only further entangle the nations financial resources, pensions, savings, you name it.
The moratorium does have merit based on posts that sdr made in the previous thread. The default process does need to be followed carefully and there really is no excuse for it not to be. Quite frankly, the servicing organizations that go through the default process are/were woefully understaffed. For many reasons these organizations didn’t handle the processing correctly. Given the sheer numbers involved it is reasonable to estimate costs into the 10s or hundreds of millions of dollars to create the PROPER infrastructure needed to do the job correctly and efficiently. It is also reasonable to assume these organizations were in no great rush nor was there any incentive by the govt to have them rush and do it right.
Once again, all of the events leading up to this may seem well orchestrated, but in reality are consequences of greed, cutting costs, and pretty much nobody really caring. It is basically a win win for deadbeats, banks, and the govt.
The only real losers are hard working people who pay their mortgage in a timely manner and those who are looking to buy a home.
ParticipantAt this point it is all laughable. However this sort of move is no surprise at all to any of us. Those who have been promising the tsunami year after year after year simply did not account for the sheer magnitude of the force they were dealing with. Quite frankly housing is initimately entwined with the fabric of our entire economy. This time around securitization was woven into the mix to only further entangle the nations financial resources, pensions, savings, you name it.
The moratorium does have merit based on posts that sdr made in the previous thread. The default process does need to be followed carefully and there really is no excuse for it not to be. Quite frankly, the servicing organizations that go through the default process are/were woefully understaffed. For many reasons these organizations didn’t handle the processing correctly. Given the sheer numbers involved it is reasonable to estimate costs into the 10s or hundreds of millions of dollars to create the PROPER infrastructure needed to do the job correctly and efficiently. It is also reasonable to assume these organizations were in no great rush nor was there any incentive by the govt to have them rush and do it right.
Once again, all of the events leading up to this may seem well orchestrated, but in reality are consequences of greed, cutting costs, and pretty much nobody really caring. It is basically a win win for deadbeats, banks, and the govt.
The only real losers are hard working people who pay their mortgage in a timely manner and those who are looking to buy a home.
ParticipantWatch me pull another rabbit out of my hat!
-
AuthorPosts
