BOA just called our loss mitigation team today and said they are no longer taking files with 3rd parties. They are only allowing agents and attorneys to negotiate now. It does not affect current files, but any new submissions. This should be interesting. We are working on a work around now!
This should be interesting! BOA likes to :banghead
I heard (not sure if true) they are moving alot of there bad debt mortgages to another division, I think HomeBac which I think they own. Something like that… Heard a few investors talking about it at a meeting but was not into the conversation.
The insane thing is that this is really not an issue at all! I would so love to let you in on how to do this I just think I will leave it open for a day or two to really allow people to think about how to get around this. I like seeing the answers as it creates thoughts which leads to new and better ideas. Its one of those things that will allow all of us to better ourselves, As to if I give out the answer right away then this post gets boring and moves to the bottom! SO THIS IS JEPORADY!!! LOL
Did we all give up on this? I am wanting to share this now!
I have not ran into any issues with this subject…
As long as you have an LOA by the borrower with the proper information you should be good to go. Bank Of America typically asks for names and socials or TIN numbers of associates or agents that will be working the file.
Hope this helps
I have never had BofA ask for SS or TIN info on the buyer… Why do people come on these boards and say crap like this…
I think he was saying the borrower that is going into foreclosure to verify the account. Anyway The answer to REITVSHOWS question is really simple, as long as you can get the homeowner to make out a LOA for you or your company directly BOA will accept it. The problem only comes in where the letter of auth is made out to the Realtor or Attorney directly and they add you on later or make out a third party auth for you or your company.
Michael Quarles,
Please read over my post. I did not read anything about buyers information. I states that the need information from the agents or 3rd party processing the file.
I am licensed in TX, and good at negotiating, I would be more than happy to work with you if you are working on any deals in tX.
No you didnt however some of the answers in your posts are incredible… So let me restate I have never been asked by BofA for my SS or TIN number as a buyer, agent, or Broker.
I have a difficult time sitting on the side lines when someone pukes out garbage…
Michael,
I have worked dozens and I am currently working on 10 short sales with BOA and they have always asked for that information alteast the last four… they ask for the last four to use as a security code to speak to the individual.
Anytime you hear garbage please speak up… this I can assure is not garbage. Frankly if you have not ran into this it tells me you are currently not working with Bank of America and have not for some time now.
Really… They dont ask us our friggin SS number silly they ask for the borrowers… As for security - what security the only thing BofA secures is their friggin emails … Makes it a pain to see their email on my blackberry but owell… I just think if you say something you should know what the heck youre talking about… And you appear as though you dont…
You are speaking of (BAC) Bank of America/Countrywide Legacy.
Bank of America does not send secure emails. But you of course know that because of the large volume of loss mitigation work outs that you complete. Well as I complete hundreds please take my humble hand out for you to review the letter of authorization at the link below.
This letter is straight from the Bank of America (Legacy). As you’ll note there is a place where you are supposed to put your social security or tax id number (TIN). This is the letter of authorization used by B Of A (Legacy) for any/all authorizations.
It’s seems pretty self explanitory. It is the last four of either the social security or the tax id that are requested by the agents when you call in. Let me know if you hear anything else that you “think” is garbage.
Now I know youre full of crap… What planet did you come from? Next time I call BofA I will let them know according to you they are doing it wrong… They need a good laugh from time to time… :bs
Not that I am calling BoA but the number listed 285-6000 i believe that is the banking CSR number for checking/saving. Mortgage division will have a separate number. Hummm…someone want to check it out…plus the letter is 3yrs old according to date on bottom.
I think he was saying the borrower that is going into foreclosure to verify the account. Anyway The answer to REITVSHOWS question is really simple, as long as you can get the homeowner to make out a LOA for you or your company directly BOA will accept it. The problem only comes in where the letter of auth is made out to the Realtor or Attorney directly and they add you on later or make out a third party auth for you or your company.
by loa are you referring to the authorization to release form? if so, i’m not sure this is a workaround, because i’m pretty sure jon (reitvshow) has the a2r’s made out to him/his company directly.
anyone?
Haven’t done a BofA deal yet, but the LOA or Authorization to Release should have the Borrower’s SSN, not that of anyone else.
And, if I’m the BUYER, or the Agent, they won’t get my SSN or TIN, because they don’t need it. There is no reason for them to have it. They aren’t going to 1099 the Buyer or the Agent.
I did have a curve ball thrown at me today, from ASC/Wells Fargo and I’m still reeling from it. The L/M says they don’t want to accept a Listing Agreement signed by me, as Trustee of the Title Holding Land trust that currently holds title. I think I’ll start a new thread with this question on it. Anyone else seen or heard of this happening? WTF?