Comment

Comment by Karyl Moore on May 3, 2011 at 3:30am

I always fill in 0's for the SSN and have never had a problem.  You do have to fill in a birthday, tho, which seems stupid and a huge waste of time.

Comment by Alex Miller on May 3, 2011 at 3:23am

@Michael I'm sure youre right about what they mean and I understand why the lender wants it, but since I have never had a BofA file declined for entering zeroes for the first 5 of the social and just making up DOB I don't understand why you would go through the trouble of even getting that info from the Buyers. It's a waste of time in my opinion.

Has anyone here ever had a file declined because of issues with the buyers personal info?

Comment by Michael Schneider on May 3, 2011 at 3:16am

Alex,

I don't think anyone is saying that a Servicer has a "right" to the information.  Similarly, the Servicer also has no requirement to review the short sale proposal.

I believe this information is, in part, used to ensure that there is a bona fide buyer for the offer.

I'm with Jeff on this one.  I've always thought the "right to privacy" on this one is not worth the trouble, by comparison to the other really serious issues to address.

After all, they are probably pulling Lexis-Nexus info and running a title search.  And we are worrying about partial socials?  Huhhhh.....

Comment by Thom Colby CA Brkr 888-391-5245 on May 3, 2011 at 3:07am

Sue - All of the comments you're getting here are spot-on.  Teh good news is that since the agent is asking for the info, they must be at the point of actually inputting the offer into Equator.  I would give the info to the agent and ask him/her to print the offer input page after it's finished (right click > print) and ask him / her to send you a copy.  This way you can provide a copy to the Buyers and show them the offer has been submitted which shoul dmake them feel good.  Also, once "submit" has been pressed, no one has access to the information again - not even the listing agent, so, if he/she destroys what you gave him/her, your client should be ok.  NEVER give the buyer's full SSN, it's not needed for BofA.

 

Best of luck,

 

Thom Colby

Broker / Negotiator

Newport Beach CA 

Comment by Alex Miller on May 3, 2011 at 3:05am

@Sue ... We have always entered all zeroes for the SSN field and made up a DOB, never had a single file declined because of it. Let's be serious BofA has no right to this info at all, just because the bank says jump doesn't mean you have to say "how high?"

Comment by Jeff Payne on May 3, 2011 at 3:00am

Sue, Richard and Lisa are correct, it is a required field just for tracking purposes.  There is not any sensitive information needed as you only need the first 5 of the SSN.  I have put fake numbers in many times and it has never been a problem. I would be careful of that because you dont want to take any chances getting your file denied

Comment by Lisa Cedillo on May 3, 2011 at 2:39am

Hi Sue, in response to your question about buyer's information, it is a REQUIRED field in Equator, and in all reality, agent is not asking for the full SSN, just the first 5 and date of birth, its BofAs way of knowing that it is a REAL person placing an offer Not a "fake" buyer trying to slow down the process.  Also, if you give dummy information, than you run the risk of BofA, declining your buyer for lying.  So,If your buyer will not give up that information, (it's not the whole number) than I suggest your buyer not get into any Bank of America short sales, because Equator requires this information and has required it for quite some time. Unless something changes.

Comment by Richard Kirk on May 3, 2011 at 2:36am

Sue---unfortunately, because of the way BofA uses the Equator system, that information from the buyer is required from the buyer.  I know it sounds crazy, but BofA requires it and not providing will definitely delay the short sale.  The first 5 digits of SS number don't identify anything personal about the person---the first 3 digits only identify the state.  I had a couple of situations where we couldn't get the info and had to put in "dummy" numbers.  It did work, but if you do this you do run a risk of the deal being popped out of Equator.  Good luck

Comment by Sue Fitzhugh on May 3, 2011 at 2:26am

Equator question. I have a buyer with a contract on a BoA short sale. The listing agent emailed me asking for more detailed information about the buyer (first 5 digits of social and date of birth). My buyer has always been protective of this information and would rather not give it out at this point since the short sale process is just starting.  Is this required information? Any way to delay providing this without delaying the short sale process?

Comment by Julia Huntsman, 562-896-2609 on April 29, 2011 at 8:10am

Update from earlier post: It turned out my uploads were rejected because I did not include the buyer's name on the HUD1, but what I was told was that I was not the assigned agent for the property. After speaking with two reps from BofA, the real truth came out, with way too much time consumed over it. The rep from LRC said she would convey this problem of general rejection vs. a specific correction needed as a communication issue that needs to be worked on in general, and I did have to upload again, at least not all of it!

• ‹ Previous
• 1
• …
• 161
• 162
• 163
• 164
• 165
• …
• 353
• Next ›
• Page