Comment

Comment by David D McElroy on Saturday

If they are divorced and the home has been deeded to her the x is not required to participate in the short sale contract or the short sale documentation with the short sale lender. This holds true for FHA and HAFA short sale per their written guidelines.

Comment by Jeff Payne on May 22, 2012 at 2:12pm

Not sure, I follow the equator task and dont pay much attention to the approval letter. I send it in as early as I can to get approved in case there are issues

 

Comment by Michael Schneider on May 22, 2012 at 2:04pm

Jeff, I have two payoff demands like this, both files are in Equator.  Isn't the 5 day limit a not sooner than 5 days before closing requirement?  Both of these seem to be "not later than" requirements.  I've asked BofA to clarify.  Perhaps they will be so kind to do so here.

I keep on reading these thinking, I must be missing something obvious. I'm assuming, if I am getting these, other people must be too.

Comment by Jeff Payne on May 22, 2012 at 1:55pm

Michael, I assume this one is not in equator?  Equator has a 5 day before closing period to submit HUD

Comment by Michael Schneider on May 22, 2012 at 12:47pm

I'm confused by BofA's "new?" payoff demand letter. Can someone clarify this?

Clause 3 reads: A preliminary HUD-1 Settlement Statement must be provided to BAC Home Loans Servicing, LP no later than one business day before the Closing Date of June 15, 2012.

Later Clause reads: The closing agent must email ... a certified copy of the final estimated HUD-1 Settlement Statement to closing desk 72 hours before closing.

Which one governs?  A final estimated HUD1 is due before the preliminary HUD1?  email??  Not Equator?  Certified copy of an estimated HUD1? And what do these terms mean?

I cannot be the only one confused here.

Anyone remember that Alan Sherman song: ... a genuine copy of a fake Dior...

Comment by Cathy Baumbusch on May 21, 2012 at 8:47pm

Does anyone know how I go about just getting another negotiator assigned. This is too much. My file is in escalation and has been for 2.5 months. I have gone two levels up with no response from either supervisor.

Comment by Cathy Baumbusch on May 21, 2012 at 5:13pm

This keeps getting better. Now they want another addendum adding the wife to the contract.

Before you all start commenting, please understand that YES, I KNOW that both are responsible for the loan, however, if the wife is no longer on the title, there is no reason in the world why she should have to be on the sales contract. She technically has no ownership interest in the property itself, so the only parties to the actual sales contract should be the titled individual(s) and the buyers. The wife is cooperative and wants to sign everything, so that's not a problem.

What gets my goat is that I went through this with the first approval that we got. They told me to never mind, they didn't need the addendum and they went ahead and approved it. Now they are going back on that and saying they need the addendum again. When I try to explain to the negotiator that her own supervisor told me that I didn't need it, her only response is, well, she's on the loan...

I absolutely hate when logic goes out the window. Which makes me wonder why I do short sales at all. LOL.

Comment by Cathy Baumbusch on May 20, 2012 at 11:13pm

@ Mariana, RFD or Reason for Default like Ricky said, is what we used to call (and some of us still do) the hardship letter.

Comment by Cathy Baumbusch on May 20, 2012 at 11:11pm

@Katerina, neither one of these files that I mentioned has a second or HELOC.

Comment by Ricky D. Ostrom on May 20, 2012 at 7:18pm

RFD = Reason for Default

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