bank of america fha short sale
A Night at Alinea Restaurant in Chicago
If my mother had been buried instead of cremation, she’d be rolling over in her grave right now about such excess. There’s no way around it — dining at Alinea Restaurant in Chicago is a bit extreme in terms of taste (unique, unparalleled), number of courses (there were 18) and cost (you will shudder, the wine flight alone was the cheapest part at $150 per person). It’s a food adventure, which is why I was drawn. It’s also a challenge to get a reservation. Challenges are what this Sacramento short sale agent faces each and every day. Challenge is my middle name. We were going to Chicago for the Thanksgiving holiday and, by hook or by crook, we very much yearned to snag a reservation at Alinea for Saturday night.
Every day we checked email to see if the restaurant had contacted us. Religiously, we signed daily into Alinea’s Facebook page and checked for reservations. Finally, on Friday night, we received an email that Alinea was releasing a table for four. The problem was we were a party of two. We tried to persuade family members to go but none had an interest. We called some of my husband’s old friends from grade school — I kid you not. We checked Facebook again and found a few couples who had expressed an interest in sharing a table. Bingo.
You don’t make a reservation at Alinea. You reserve tickets for dinner. And each ticket varies in price depending on the time of the year and occasion. Lucky us, for Thanksgiving, these tickets, with tax and gratuity added in, ran about $800 for 2 people. My mother would say think about the starving children in China. Instead, I thought about my last Bank of America FHA short sale: I deserve this.
The door is unpretentious. We opened it. Behold, a long hallway strewn with a bed of hay. Scattered pumpkins. Hay bales. Low lighting. Spiced apple scent. A round tub, waist high, filled with hot water and bobbing glasses of apple cider beckoned. We scooped up a small glass of cider and entered the restaurant. We were greeted and directed toward the kitchen on the right. A huge room filled with too many tables and chefs to count, a whirl of stabbing, stirring, pinching, cutting, slicing, dicing, chopping, tossing, mashing. Mesmerized, I entered the kitchen. I thought this was like The Kitchen Restaurant in Sacramento, and that I was encouraged to mix and mingle among the chefs. Wrong. Neophyte. Short of grabbing the back of my sweater to yank me back, I was escorted in the opposite direction.
We entered a room to the left of the stairs and were introduced to our table mates. There were about 5 other tables in the room. All of the other guests were seated elsewhere, which was a little bit disappointing because part of the fun, I presumed, would be to check out the guests. I wanted to get a good hard look at the kind of people who would spend $1200 for dinner, and that’s without the white truffle option at an additional $150 per person, which we were offered. But everybody in our room looked like normal, run-of-the-mill people.
Our seat mates were on their first date, we later discovered. She is an associate professor of marketing in Lansing, Michigan. He is a student in Boston. He thinks Chicago is the best place in the United States to live. He used to think that place was Seattle, but now that he’s been to Chicago, he would love to live in an igloo. She is absolutely beautiful with long dark hair, an infectious smile and a warm handshake and, as my husband pointed out when she left the table, she clicked off wearing what I would call to-die-for boots.
I don’t have the time this morning to describe every course. I’d still be sitting here by lunch and I haven’t yet had breakfast. So, I’ll do my best to briefly give you an idea. Four bowls about the size that would hold Cheerios were set before us, each filled with tiny pebbles, the type you would find floating along the bottom of a river stream. Into the pebbles was set a 4 x 4 block of ice with a hole drilled in the middle, but not all the way through. I stuck my finger in it. My husband said: That one is yours.
The waiter brought us each a glass straw about 3/8 inches in diameter and 10-inches long. The straws were filled with a pumpkin-squash mixture, a thai pepper and we were instructed to slurp. I finally removed my straw because stuff was stuck inside and sucked it from the other end. Voila.
One course was nothing but a leaf. A small leaf about the size of a nickel. An oyster leaf. But it was very oystery. This was followed by several courses of seafood involving king crab, lobster and a razor clam. If you’ve never seen a razor clam, they are long, like about 5 inches and an inch or so wide, sort of flat. You could play a musical instrument with each half if you wanted but I behaved myself because I needed my other hand to lift the glass of wine that seemed to be continually filled with nectar from exotic faraway lands and tended to by the natives.
I learned many things. I discovered that the fungus moldy stuff that grows on corn cobs — who knew there was even fungus to start with — is actually very tasty. But you’ve got to ask yourself, how hungry do you have to be to think about eating the mold off a corn plant? Well, I was ready to toast starving people everywhere. We also enjoyed a course made up of a very hot potato and pared with an extremely cold potato that should have been named a Minnesota winter meets summer in Sacramento.
The main course for the evening was lamb. Two round slices of rare lamb. Two round slices of a roulade, and two more round slices of fried lamb fat. Small circles, smaller than a baseball in diameter and slightly larger than a golf ball. With this course, we were given a tray of accompaniments, 60 (six across, ten down) dots, blobs, splats, tiny towers of taste extraordinaire. The idea was to sample each with a fork of lamb. Short of putting our faces on the platter to lick it clean, we pretty much managed to scoop off every morsel.
And the wine kept coming. Just as we were ready to pass out, the waiters brought us balloons made from green apple taffy and filled with helium. The balloons were edible and we were supposed to eat them. I poked a hole and slurped up the helium. When I spoke, the woman across the table from me broke into uncontrollable laughter. If I had closed my eyes, I would gone to sleep but before I dozed off I would have said this tastes just like an apple.
I kept my eyes open for the dessert. The last dessert. I show you a photo of it here. The waiter brought out what looked like a rolled-up sheet of silicone, unrolled it across the table. It fit perfectly. Then, a couple of chefs popped up out of nowhere and began to decorate the table. A spoonful of orange. A spoonful of lemony yellow. A spoonful of chocolate. Spoonfuls of other types of syrups and sweets, very psychedelic and groovy. Everything happened so fast and my head was already spinning from all of that wine, but I could swear two chocolate coconuts appeared and suddenly exploded before our eyes, dropping masses of chocolate, fudge chewy bits, white marshmallowy things, who the heck cared? It was dessert supreme, pushed to the extremes, with every flavor imaginable. It was like all of your favorite desserts mushed into one. I felt like Gollum coveting the ring: My precious!
This was the part where I could have easily put my face flat on the table and left it there until morning.
Bank of America FHA Short Sale Approved
Wow, a Bank of America FHA short sale started in December of last year finally closed escrow in November. It took 11 months to close the sale of this Rancho Cordova home. And this was an escrow in which the seller hired and paid a lawyer to negotiate. They did this before they called me. I was hired solely to sell the short sale, not to negotiate, which is a little odd but OK. I do whatever my clients want.
A representative from the Sacramento law firm called the Bank of America negotiator at one point almost every single day. It’s not just a Sacramento short sale agent who struggles with the B of A FHA Short sale processes. Lawyers can fare even worse.
I’ll tell you who has the hardest job in all of this. It’s the buyer’s agent. It’s that Sacramento buyer’s agent who is saddled with the job of having to call that potential homeowner every week or so to explain what’s going on. These agents have to give plausible reasons for the delay yet continue to build hope in their client’s heart. It’s not an easy job by any stretch. Half the time the buyer’s agents don’t know what’s going on because nobody tells them anything. They are not allowed to talk to the short sale bank.
I understand how difficult that job is, and that’s one of the reasons I post my updates online. Yeah, right on my website, you can read Sacramento short sale updates. Buyer’s agents and their buyers can access daily updates. Each property is identified by the street name without the house number. No personal information of either the seller nor the buyer is divulged. It’s mostly actions committed by and requested by the bank so all parties to the transaction can monitor the movement. My Sacramento short sales do not fall into a black hole. Anybody and their Uncle Joe can see that I am constantly on top of my short sales. I am held accountable for my actions.
Which is more than one can say about Bank of America and its FHA short sales. Unfortunately.
You see, there is nothing that I can really do about a Bank of America FHA short sale. Especially when I am not negotiating it. I am not an agent who farms out her negotiations to another short sale negotiator. I care about my clients too much to do that. (Although, sometimes it is necessary to bring in a lawyer, but that’s rare.) I do my own work. I am hands on. As a result, I have learned that I can lessen the damage, the heartbreak, the disappointments by not putting that short sale on the market until we have the Approval to Participate from FHA. That’s the only way I have found to shorten the 8- to 12-month wait for approval on an FHA short sale at Bank of America. After receiving the Approval to Participate, that wait is only 4 to 6 months, and that’s not half as bad.
A Bank of America FHA Short Sale Disaster
This Bank of America short sale doesn’t compare to the Bank of America HAFA that had 25 HUDs. But we’ve had at least half that many HUDs requested already on this Bank of America FHA Short Sale. The negotiator can’t decide what he wants or needs. First it’s THIS, then it’s THAT, then it’s THIS OTHER THING and then he’s back to THIS again. I call it the HUD game. The Bank of America negotiators call it doing business in a normal fashion. It’s enough to make a Sacramento short sale agent watch FOX News. No, not really, nothing would make me that insane.
But I try to have empathy. It’s not easy being a Bank of America negotiator and being despised by so many. The clients can’t stand them and the agents aren’t faring much better. One of them accused my mild-mannered and extremely polite assistant of “bullying” when she asked why he refuses to do what he says he will do. It’s like the guy has suffered a total memory lapse, but I suspect his inability to perform is due to keeping incomplete notes. He will say one thing, and when we call him back he has no recollection of the conversation and says something else.
Unlike Alzheimer victims, the negotiators seem like they are coherent. However, on top of the poor record keeping and inconsistent behavior, is the sudden loss of files on those Bank of America FHA short sales. We have a Sacramento short sale that we started in February. By the end of March, we had approval from Citimortgage, the second lender, which changed its name a while back to One Main Financial. By the end of June, we finally received the Approval to Participate from HUD on this FHA short sale. I guess Bank of America fired the negotiator or maybe she died, hard to say, but she vanished one day. Poof. We got a new negotiator in the middle of September who informed us he had absolutely no paperwork whatsoever.
Maybe he picked up the file, glanced at it, and said: What is this garbage — and threw it into the recycling? Or, maybe the previous negotiator stuffed it in the shredder on her way out the door? I suppose it’s possible a Bank of America employee suffering from a combination of pica and low wages, driven by desperation and starvation, ate it?
This negotiator has asked us to add a dead person to the purchase contract and to all of the paperwork. The deceased person was never part of the contract. Her name was not recorded on the deed; it’s also not on the promissory note and not on the deed of trust. Somewhere along the line, in some ancient paperwork, a clerk at Bank of America typed the deceased person’s name on a file, on a piece of paper. In this negotiator’s infinite wisdom, that means putting a person who does not belong on title on all of the paperwork and on the HUD, which violates federal law (RESPA) as well as several local laws. Negotiators don’t have a real estate background. They don’t understand title insurance. They certainly don’t understand law, although I bet they dream of a career in law enforcement.
This is a $75,000 home in Sacramento. The person I feel tremendous empathy for is the seller. Next to that is the buyer who is sitting idle in escrow twiddling his thumbs. He is ready to close. His lender is ready to fund. The second lender forced the seller to pay $150 to get an extension that is good to next week. We told the second lender they cannot make the seller pay for anything in a short sale as a condition of short sale approval, according to California Civil Code 580e. One Main Financial did not care. It thumbed its nose at the seller and said: pay up or we won’t issue the extension.
Now, the negotiator at Bank of America is asking us to send him a letter from One Main Financial (the second lender) explaining how and why One Main Financial is servicing loans for Citimortgage. See, you can’t make up this stuff. As a Sacramento short sale agent, I see the most incredible crap go down at Bank of America. All one can do is send it to the Executive Office, write about it, and hope the the bank can eventually fix some of its problems.
Overall, Bank of America does a fairly good job with its short sales. But these FHA short sales leave this Sacramento short sale agent slack-jawed, shaking her head. I imagine this will close but not before we step over a few dead bodies. Forget the coffee, Bank of America could probably use some Viagra.
Auditing a Bank of America FHA Short Sale
If you think a Bank of America FHA short sale is a nightmarish experience, consider auditing the file. Bank of America negotiators who work with FHA loans slated for short sale routinely audit those HUD files before submitting the file to Quality Assurance. This is where the file gets held up or set aside to rot in a pile of forgotten paperwork. Because I am betting that 9 times out of 10 those files are incomplete or wrong. This is not necessarily the fault of the negotiator at Bank of America as much as it is the fault of the Sacramento short sale agent.
I know you didn’t think I would say that. But I see the offers that come in on my Sacramento short sales, so I know the mistakes that are made. Logic has it that if there are that many mistakes in a purchase offer, imagine some of those negotiations. Agents are not known, to be kind about it, for their paperwork skills.
You might say but wait, Elizabeth Weintraub, you are a Sacramento short sale agent. Are YOU known for your paperwork skills? Actually, I am. Because once upon a time in a faraway land I was a Certified Escrow Officer. Those skills are very helpful to me in processing and negotiating Sacramento short sales.
So, this morning, I audited a file on behalf of Bank of America. I am not waiting for the negotiator to tell me what is missing. I have closed so many FHA short sales that I know what’s required and could probably recite it in my sleep. There are clauses that must be contained in the purchase contract. The address must be spelled out on every single document and complete. All parties need to be in contract with no expirations regarding terms or conditions. Those are just the simple things. There are also more complicated things.
I am presently working on a file in which the deceased mother of the seller was once noted by mistake on a promissory note. No doubt caused by a loan processor somewhere and not caught by an escrow officer. The mother was not on the mortgage. She was never on the title. She had no interest in this property, but a paperwork nightmare was created when her name showed up typed on a promissory note. The problem that is caused is the bank can’t issue approval without the execution of documents by a person who is no longer on the face of this earth. Bank of America wants the deceased’s name on the documents and the deceased to sign off. Unfortunately, the HUD cannot reflect a person’s name who is not on title. See the dilemma?
But this why you can rely on a Sacramento short sale agent who was once an escrow officer. I drew an addendum to fix the mistakes made by the negotiator from Bank of America and submitted the addendum for signature this morning. I’m not waiting for the negotiator to discover his own mistakes. And that’s what makes the difference between a Sacramento short sale that closes and a short sale that falls into the abyss.