Comment

Comment by Barbara J. Rice on October 11, 2011 at 4:52am

Petra: My experience with this situation is that the bank is just looking for the names to match those on the original mortgage. I handled one just recently where the buyer used her maiden to purchase and all the bank required was that she sign everything in her maiden name ... as it was on the mortgage. Legal counsel has said this is not deceptive and, therefore, legal.

Processing the Title "name change" documents should work too, but I've found my method to be quick, easy, and completely legal.

Although it can be difficult for the person to remember to sign in their maiden name. :-):-)

Comment by Petra Norris on October 11, 2011 at 2:54am

@Jeff - thanks Jeff for your quick response :) I will get my title company to send me an affidavit. 

Comment by Jeff Payne on October 11, 2011 at 2:40am

Petra, a simple name affidavit shoud work, our title company has a standard form that they use, try asking your title agent for one

Comment by Petra Norris on October 11, 2011 at 2:09am

Client divorced and changed her last name back to maiden name. BoA rejected my third-party authorization and requests name change certificates. What is considered a name change certificate? Do you guys have encountered such situation?

Thanks in advance

Comment by Ellen Dittman on October 4, 2011 at 10:04am

Just got this email from BofA

 

Florida Agents:
Florida Enhanced Short Sale Relocation Assistance
Florida homeowners may receive $5,000 to $20,000
in relocation assistance.

 

 

 

Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale. An additional benefit for these pre-offer programs - such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America's proprietary program - is that deficiency may be waived for the homeowner.
Eligibility:
Homeowners with property in Florida
Short sales initiated without an offer between September 26 and November 30
The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
Successful closing of the eligible short sale by August 31, 2012
Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance

Exclusions:
Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
Lot loans are ineligible for participation
Properties outside the state of Florida are ineligible for participation
Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance
 Frequently Asked Questions:
Q: How can I find out if my client/homeowner qualifies for this relocation assistance?
A: Call a Bank of America short sale specialist at 1.877.459.2852.
Monday - Friday 8 a.m. - 10 p.m.; Saturday 9 a.m. - 5:30 p.m. Eastern
                                                    
Q: Do I have to do anything differently when initiating or completing the short sale?
A: No. As long as the homeowner's short sale is initiated between September 26 and November 30, 2011, and the property closes by August 31, 2012, they will be eligible. 

Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, they will be documented on the HUD-1, and a 1099-MISC will be issued.
 
Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, if the investor approves it.
 
Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?
A: No. A homeowner will receive the $5,000 to $20,000 in place of the typical incentive paid out by these programs.  The relocation assistance is essentially an enhancement to the standard payout offered on these programs.
 
Q: Is the enhanced relocation assistance available for other programs?
A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we gauge the success we may extend this incentive to other programs.
Questions? 
Homeowners and agents may call 1.877.459.2852 to speak to a Bank of America short sale specialist about this exciting relocation assistance offering.
Visit the Agent Resource Center at bankofamerica.com/realestateagent for additional short sale education, news and resources to help you complete short sales at Bank of America.

 
*  The relocation assistance payment is calculated based on the unpaid principal balance of the homeowner's loan and the type of short sale that the homeowner completes, but will not be less than $5,000 or more than $20,000. The payment amount will be calculated based on the homeowner's loan balance as of August 2011 and the short sale program in which the homeowner is eligible. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, including the satisfaction of all second liens and presentation of clear title for the property (the relocation assistance payment can be used to clear those liens). If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, the homeowner will not receive the relocation assistance payment.  Even if the homeowner receives relocation assistance, Bank of America, N.A., and their successors and assigns may reserve and retain the right to pursue collection of any deficiency following the completion of the short sale, unless otherwise prohibited by law. The amount of the deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms.  We suggest that homeowners contact the IRS or their tax preparer to determine if they have any tax liability. This offer is for Florida properties only.  To receive the relocation assistance, the property must close by August 31, 2012.

Comment by Kevin - Greenville, SC on October 1, 2011 at 4:27pm

Agents now have a new procedure for accessing letters and other confidential documents issued during a short sale in Equator.

In the past, letters and other documents were emailed directly to agents. Effective September 30, agents will receive an email that simply states there is an important message in Equator. Agents must log in to Equator and follow the steps outlined below to access the documentation.

This change further enhances the protection Bank of America provides for confidential customer information.

How to Locate Letters and Other Confidential Documents in Equator

Step 1: After receiving the email stating that you have an important message in Equator, log in to Equator and click on My Properties & Offers.

Step 2: From your list of properties, click on the relevant property address.

Step 3: When the dashboard opens for that property, click on the Library "View" icon.

Step 4: The list of Property Files will appear. Click on the + sign in front of Offers to expand that field.

Step 5: Within Offers, you will see the current offer being processed. Click on the + sign to expand that offer.

Step 6: Here is where you will access confidential items, such as the approval letter and the insurance premium letter shown here.

Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for educational guides, news and resources to help agents complete a short sale at Bank of Americ

Bank of America Real Estate Agent Resource Center

realestateagent.bankofamerica.com

The Short Sale Resource Center prepares real estate agents for each step in the short sale process and enables them to set proper expectations with all involved parties.

Comment by Stephanie Hart CA 310-930-2342 on September 30, 2011 at 12:23pm

Any of you experts in the area of 28546 or 28574 in SC... I have a friend that needs a listing agent... she is already in the HAFA approval process through BOFA online... no agent. Please message me your info.. stats, success rate and web site. I'd love to help her out. I warned her about agents that have no clue what they are doing and once she grilled the agent she used to purchase she decided not to hire him. Thanks!

 

Comment by Cami Pinsak on September 30, 2011 at 7:30am

None of the title companies that we work with charge up front for a prelim.  They realize that this is part of today's reality with all the distressed properties.  Its just a new way of doing business.

 

Comment by Barbara J. Rice on September 30, 2011 at 7:27am

Kelly: I always do as much research in advance of listing as possible. That includes asking about MI, who the investor is, reviewing the prelim, etc. (after our Duties Owed Addendum the Authorization is often the next document I have my potential seller's sign). By knowing this in advance I can manage the sellers' (and then buyers') expectations, especially as it relates to timelines for completion, as well as being able to plan the process better.

Hope that helps!

Good luck!!

Comment by Chris Black on September 30, 2011 at 5:46am

@Michael Hayley.

We do not charge anything up front for that pre-search work.  It is performed in anticipation of assisting with the short sale orchestration and settlement and issuing the title insurance.  The charge for the search is included on the settlement statement and is ordinarily absorbed by the lender.

Somewhat selfishly, this pre-search work is extremely helpful in making our job (as title insurance agent) easier.  Working on all of the issues from day one is much better than having to deal with them after approval of only one lienholder.

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