Rescind their new 3rd party authorization form for short sales
Rescind their new 3rd party authorization form for short sales
The Issue
Join me in sending BofA a message about their required 3rd party authorization form. This new form, according to Attorney review below, far exceeds industry standard and accepted policies in regards to authorization forms. The form attempts to mandate how private businesses operate. Dictating to law firms and Real Estate Brokerages that they cannot use para legals or T/C's or listing assistance for their processing. This is unacceptable.
Real estate agents (and attorneys) soon will be held legally responsible for reading the corporate mind of Bank of America. Fortunately for everyone else, they will not be allowed to even communicate with Bank of America, much less be required to read its mind. Unfortunately, all of this will further harm distressed borrowers and suffering neighborhoods by discouraging short sales and increasing foreclosures.
This new form is rife with imposing sweeping, new legal liabilities beyond common law and most, if not all, State and Federal statutes. Moreover, when a law mandates an obligation of disclosure, it is typically reciprocal: both sides must honor it. However, BANA and all loan servicers have been loathe to disclose truthful, material, relevant information to borrowers and their representatives, such as the true value in the bank’s BPO or appraisal.
Moreover, several important classes of people will be excluded. For example, borrowers who want their private financial information transmitted through their accountant or bookkeeper must now use an attorney or real estate agent instead. An elderly or disabled person cannot have a family member or caregiver help them communicate with BANA. A member of our armed services serving abroad cannot have a family member or friend authorized communicate for them.
Many States do not require short sale processors to be licensed, particularly if they are not being compensated. BANA overrules these State laws and policy making decisions.
Masked as an administrative formality, the new Bank of America Third Party Authorization form will likely have more negative impacts counteracting federal housing relief efforts by effectively legislating new liabilities and by restricting existing options for homeowners to use the representatives of their choice.
Read more at the source: http://www.californiashortsalelawyer.com/2012/04/high-risk-bank-america-tpa/?goback=.gde_2668423_member_105128241
The Issue
Join me in sending BofA a message about their required 3rd party authorization form. This new form, according to Attorney review below, far exceeds industry standard and accepted policies in regards to authorization forms. The form attempts to mandate how private businesses operate. Dictating to law firms and Real Estate Brokerages that they cannot use para legals or T/C's or listing assistance for their processing. This is unacceptable.
Real estate agents (and attorneys) soon will be held legally responsible for reading the corporate mind of Bank of America. Fortunately for everyone else, they will not be allowed to even communicate with Bank of America, much less be required to read its mind. Unfortunately, all of this will further harm distressed borrowers and suffering neighborhoods by discouraging short sales and increasing foreclosures.
This new form is rife with imposing sweeping, new legal liabilities beyond common law and most, if not all, State and Federal statutes. Moreover, when a law mandates an obligation of disclosure, it is typically reciprocal: both sides must honor it. However, BANA and all loan servicers have been loathe to disclose truthful, material, relevant information to borrowers and their representatives, such as the true value in the bank’s BPO or appraisal.
Moreover, several important classes of people will be excluded. For example, borrowers who want their private financial information transmitted through their accountant or bookkeeper must now use an attorney or real estate agent instead. An elderly or disabled person cannot have a family member or caregiver help them communicate with BANA. A member of our armed services serving abroad cannot have a family member or friend authorized communicate for them.
Many States do not require short sale processors to be licensed, particularly if they are not being compensated. BANA overrules these State laws and policy making decisions.
Masked as an administrative formality, the new Bank of America Third Party Authorization form will likely have more negative impacts counteracting federal housing relief efforts by effectively legislating new liabilities and by restricting existing options for homeowners to use the representatives of their choice.
Read more at the source: http://www.californiashortsalelawyer.com/2012/04/high-risk-bank-america-tpa/?goback=.gde_2668423_member_105128241
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Petition created on April 3, 2012