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TheRul
Why Not You?
Premium
join:2007-09-18
Gilroy, CA
kudos:1

Independent Mortgage Review and the GAO

As many of you are aware, I had lost my house. It was foreclosed on by Bank of America. I personally have had a grief against Bank of America for almost 16 years. If asked, I can say, "if it is going to cost BofA more grief, I would be happy to go out of my way to do it."

Then the Independent Mortgage Review came out. If have been forclosed on and you have not done the paper work to do so, and you fit the profile, do it. Deadline was moved to Dec 31.

I got my paperwork in by the April Deadline. I have yet to hear word one from them, nor has anyone else, but they are supposed to make an announcement during the 4th quarter, any time now.

But here is the big announcement, and why I am writing. There have been allegations that the banks are doing the work, and not the "Independent Reviews." So why am I telling people to do their paperwork? So glad you asked.

I received and email from the GAO. Yes that GAO. Here is the Gist of it...

quote:
GAO has been asked to examine and investigate the design, implementation and results of the foreclosure review process. We are specifically assessing the independence, transparency, accountability and consistency of the process.
So if anyone has information on this call the treasury hotline 1 800 359 3898

One side of me does not care if I get a dime from this and is glad that thousands of people have jobs through the holiday season, the other hopes I get the maximum reward.

Ok, that's my soap box, feel free to ask questions.
--
"We are the only intelligent people in the universe." Arrogance 3:10


ohdan

join:2008-11-10
Adelanto, CA

1 edit

I'll ask you a stupid question semi related to your foreclosure. We are buying a house through a short sale; was that not an option for you? What are the pros and cons between foreclosures and short sales?

Oh ... and we're buying from BofA.

Expand your moderator at work


TheRul
Why Not You?
Premium
join:2007-09-18
Gilroy, CA
kudos:1

1 recommendation

reply to ohdan

Re: Independent Mortgage Review and the GAO

Shortsale was not available for us. By the time we gave up our house was worth a third of what we owed, and the builder had nice new homes, same style, just down the street. A large numbers of loans fell through. I have heard a number of short sales having trouble due to a second loan holder saying no. I wish you luck
--
"We are the only intelligent people in the universe." Arrogance 3:10



brian
Premium
join:2002-05-02
Lake Forest, CA

1 recommendation

reply to ohdan

good luck on your purchase. 18 months ago we started looking for a house to buy and looked at several short sales. Put offers in on two. Bailed on one because the current "owner" wanted us to contribute $12K to clear up an HOA lean. Bailed on the second one because it had been over 30 days and no response from the bank (not sure which one) and there were two lien holders, and we found the house we ended up buying. This one was a REO owned by FNMA. It went pretty smooth, but we weren't given any disclosures about the property (water damage/mold) and our home inspector sucked. But in the end, we got a decent house for less than either of the shorts would have cost us.

On the flip side, we're currently short-selling a condo in San Diego. We listed it on a Thursday (Oct 18), and by Sunday evening we had 15+ offers, mostly all well over asking. Got a letter from GMAC today saying they have completed an initial review of our situation and are considering us for the short sale, pending the BPO. Once the BPO is done, they let us know within 15 days. The BPO was done the week of Thanksgiving, so we should know something soon. We're pretty lucky in this process though. We got in with a brokerage that's backed by two lawyers and they work with a third party that handles the short sale negotiations. They all say we'll have the sale closed by Christmas. I'm hopeful, but not too optimistic.

TheRul, sorry for hijacking your thread a bit. Good luck in your situation.
--
flickr gallery | photo blog (rarely updated) | play mafia!



ohdan

join:2008-11-10
Adelanto, CA
Reviews:
·Charter
·Verizon FiOS

Everything for us was going well until FHA "under appraised" the house. The owner still approved the appraised price; we're now waiting for the bank's approval. We've been told that closing will be this month - I'm cautiously optimistic. The seller is highly motivated but it's in the bank's hands now. Rumor has it that Bank of America's turnaround is one of the quickest in the biz. Our bank (Provident) has been on the ball as well.

What may have worked to our advantage is being the first bidders and using FHA. That FHA appraisal sticks to the home for 3-6 mos.

I hope it ends soon. It has been a lot of "hurry, hurry, hurry ... wait!"



brian
Premium
join:2002-05-02
Lake Forest, CA

said by ohdan See Profile

It has been a lot of "hurry, hurry, hurry ... wait!"

ain't that the truth!

Supposedly GMAC has a pretty good turnaround as well. I think it helps our buyer is paying with cash too.
--
flickr gallery | photo blog (rarely updated) | play mafia!


ohdan

join:2008-11-10
Adelanto, CA

1 recommendation

The banks reached a deal. I just need to make a few repairs and then it's off to close.



brian
Premium
join:2002-05-02
Lake Forest, CA

1 recommendation

congrats!



ohdan

join:2008-11-10
Adelanto, CA
Reviews:
·Charter
·Verizon FiOS

Thanks, brian See Profile and TheRul See Profile. I'll likely be making the minor repairs tomorrow and FHA will sign off by the end of the week. It seems like it has been a long time coming. My mortgage will be about half of my rent. Awesome.



brian
Premium
join:2002-05-02
Lake Forest, CA
reply to brian

said by brian:

They all say we'll have the sale closed by Christmas. I'm hopeful, but not too optimistic.

Looks like this is actually going to happen. We got approval from GMAC last Friday (after an initial counter that we rejected) and this week has been a scramble to get all of the paperwork done. The cash buyer wanted a 7 day max escrow. We had a bit of a scare over the last 24 hours, though.

We had a HELOC on the property as well, that we'd paid off about a year ago. The lien was never released, but we took care of that in November once we realized that. Yesterday, the title company noticed the bank on the payoff letter we have isn't the same as who originally financed the loan and is on the recorded trust deed.

The title company apparently missed the reconveyance that was recorded in November that took care of all of that, even though I let escrow and title know about it last week.

Anyway, just got an email from escrow saying we're now good to go for tomorrow. 8 years and 1 week after we started throwing money in a hole that kept getting deeper, it will all be "over". Still have to deal with the possible tax consequences, but I think we're ok there too.

I'm sure there is still something that can go wrong in the next 24 hours or so.

I think the Mayans were predicting the closing of this deal not the end of the word.

Last thing... I've been keeping an eye on my credit and I took a decent hit (still slightly better than average) when GMAC reported the first 30 day late in Oct, but they haven't reported anything for November yet. Not sure if this is normal or not. We've been in negotiations with them since early Nov.
--
flickr gallery | photo blog (rarely updated) | play mafia!


ohdan

join:2008-11-10
Adelanto, CA

I understood absolutely nothing of what you wrote but from what I can gather it's good news, so congrats! Our loan has been approved by underwriting; we're just waiting for the final stamp of approval. We're looking at closing before the new year.



brian
Premium
join:2002-05-02
Lake Forest, CA

yep, it's great news. Thanks!

congrats on yours too. Last year, when we bought the house we're in now, we were all approved but it took a day longer than was expected to get the loan funded.



ohdan

join:2008-11-10
Adelanto, CA

We are using a junior loan/silent second to help with the down payment. The wife is a teacher so there are many programs that we are using. But the more parties involved the slower things move along...