I have been provided with a "Clear to Close" status and was directed to see the "Clear to Close Documents" by going to Equator and logging into the "Messages" section. No documents located on my side (spoke with the Equator folks and they don't see them either). The instructions reference a signed "Unearned Insurance Premium Letter" and signed "Approval Letter". Does the latter come from the lender? Have left repeated messages and emails with the closing coordinator but no response. We have a closing date "scheduled" for Nov 8th and the approval expires Nov 12th. Thanks for all your help!
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Usually the E-mail that the negotiator sends stating the file is initally approved has the approval letter and Unearned Insurance Premium letter. If it was not attached to that and you can't get the negotiator on the phone you should call the 800 line or tweet @bofa_help they respond very quick.
It seems a little odd that you would get to the clear to close stage without seeing the approval letter.
Thanks Cody....miraculously both the updated Approval Letter and Unearned Insurance Premium letter was emailed early this morning. I had sent additional emails again late last night to both the asset manager and negotiator requesting a follow up with the docs. As usual, everything has been backdated by 2 days but on the flip side, they also extended the required closing date by 2 days. I'll take what I can get. Of note, the recent approval letter did not include the subordinate account number as it did in the last one however it is an approved HAFA sale and was made clear in the letter what the subordinate lien payoff will be. I am inclined to include the second account number with the first to continue with their previous statement that there will be no deficiency judgements on either loan (both BOA). Your thoughts?
As a title company I would not close a short sale without a current approval letter for every loan on the property. I have had nightmare situations with Bank of America where they actually sold the second in between the time that the file was approved and we closed. No one was informed of the sale until 6 months later when the seller started recieving collection calls. Luckily we had the approval letter with both loan numbers on it and were able to take care of it. Had we not had that approval letter it could have been a very different experience.
So that being said I would strongly suggest getting a letter with both loan numbers on it or a seperate approval letter for the second.
Thanks for your response Cody. Have another couple of emails out via Equator and voicemail for an updated letter with both loan numbers on it ASAP. Additionally, the email I received from the closing coordinator on 10-28-2011 via Equator stated the HUD had been approved on 10-31-2011 (pre-dated?)with both loan numbers referenced. Very confusing. I do have the Approval Letter dated 9-28-2011 noting both loan numbers on it. Sent it to escrow as well and may have them sign that one in addition to the one received today just in case and load them both.
I would make sure both loan numbers are on the approval. You would not want to get a call from someone with the 2nd a few days later saying "send be the approval on the 2nd".
Escalate this file to a manager. Try the VP, manager, etc., all located in equator...anyone you can get to. If that doesn't work in 24 hours, use the twitter account (@BOFA_HELP) and tweet them ASAP.
Smitty,
Thank you so much for your reply! The options provided under the Equator account include an asset manager (no VP in my list). Have already tried to reach the negotiator but will try again as well. If nothing by tomorrow morning I will try the twitter account. Sounds as though that has been pretty effective. Thanks again!