Replies to This Discussion

Permalink Reply by Bob Wienk on November 5, 2009 at 12:49pm

My wife and I have been working on Loan Modifications as well as Short Sales. Both need an authorization to be on file. We have had several instances where the lender told us that our authorization had "expired". One said they were only good for 60 days, and another said 90 days. I had one particularly tough short sale where the lender took so long that the first three buyers gave up before their offers had been accepted, and then the lender refused to discuss the fourth offer with me because my authorization had "expired". Frustrating, to say the least!

Permalink Reply by Debe Maxwell on November 5, 2009 at 5:46pm

Sadly, this is becoming commonplace for BOA! It's just one more delay tactic that we have to endure with them!

Permalink Reply by DanaVoelzke on November 9, 2009 at 10:33am

This happened to me several times with many different banks. You have to have a recent authorization. Some of the autorizations become stale and expire automatically. I have my homeowner pre-sign them for me so I have them on file when I need them.

Permalink Reply by Bettie Meadows on November 9, 2009 at 10:35am

Thanks

DanaVoelzke said:

This happened to me several times with many different banks. You have to have a recent authorization. Some of the autorizations become stale and expire automatically. I have my homeowner pre-sign them for me so I have them on file when I need them.

Permalink Reply by Jeff Payne on November 9, 2009 at 11:19am

I have been asked for updated authorizations and got unauthorized on a file with Wells Fargo because the person assigned to the file would not respond so I called her boss. She called my broker and told him that she would not work with me and asked him to reassign the file. It was actually quite funny. Once he reassigned she gave short sale approval 120,000 (the offer was 80,00) but the funny part was the the seller owed 104,000. Wells counterted at 120,000...$16,000 more than what was owed to them. She then got taken off of the file :)

Permalink Reply by Bettie Meadows on November 9, 2009 at 11:37am

thanks. Very interesting.

Jeff Payne said:

I have been asked for updated authorizations and got unauthorized on a file with Wells Fargo because the person assigned to the file would not respond so I called her boss. She called my broker and told him that she would not work with me and asked him to reassign the file. It was actually quite funny. Once he reassigned she gave short sale approval 120,000 (the offer was 80,00) but the funny part was the the seller owed 104,000. Wells counterted at 120,000...$16,000 more than what was owed to them. She then got taken off of the file :)