Comment

Comment by Alex Krumm on December 12, 2012 at 5:55am

I just ran into the same problem with a BOA file (not HAFA) - their value came in $100k high and they won't look at an appraisal or order a new BPO.  We escalated this to the Office of the President and they told us we had to wait until the old BPo expired to open a new one.

Comment by Barbara Thomas on December 12, 2012 at 5:52am

Short Sale Specialist at AMS Servicing (Fannie Mae HAFA Short Sale) is telling me that Fannie Mae will not accept a full, independent appraisal as supporting documentation to dispute a value.  Is this correct?  I have seen other Fannie Mae guidelines that indicate an appraisal or BPO can be submitted as supporting evidence.  Thanks in advance for any assistance!

Comment by Celeste ODea on December 7, 2012 at 11:26am

Brenda is right.  That's probably the best, fastest, and easiest way to do it!

Comment by Brenda Houghton on December 7, 2012 at 11:06am

Hi Alton,

In this situation in the past, I've asked the homeowner to call in and cancel the short sale in the system.  Once it is shut down, you can re-initiate from the home screen in Equator.  This is much simpler than trying to get a response from someone at BAC. 

 

Comment by Alton R. Tyndall, Jr on December 7, 2012 at 10:59am

Hi all, first time utilizing equator, tried to initiate short sale with appropriate paperwork and got this info that the loan number was already initiated in the system,I faxed the auth letter to shortsale dept because they would not link it to my acct or speak to me

without auth letter: the response from equator:  

When using the Initiate Short Sale tool, if you receive a message that says the "loan number already exists" this means that the bank has already initiated this property.  You will have to contact the bank to have them assign the property to your Equator account.

If the bank says it is already assigned to you, ask them to verify the E-mail address that it is assigned to and if it is assigned to an incorrect E-mail address, they can reassign it to the correct one. Any suggestions?

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 4, 2012 at 1:21pm

@ElizabethWeintraub00697006LyonRE the ATP dated 10/30/12 and says have to have a contract by Feb 27,2013 and incentive for closing before Jan 28, 2013. I did not request ATP until I had a contract and HUD did the appraisal in July. So I am ok with the ATP.

Comment by ElizabethWeintraub00697006LyonRE on December 4, 2012 at 12:51pm

It's not just the appraisal that expires, it's also the ATP, and variances can take longer than 10 days to obtain. Sorry to say.

Comment by Evelyn Santiago on December 4, 2012 at 6:36am

TPA = Third PARTY Authorization - Good Luck! It will be interesting to see if once FHA files are in Equator if things will improve.

Comment by Pattilynn Guilford on December 4, 2012 at 6:33am

@ Dean

https://agentresources.bankofamerica.com/shortsale

TPA - Third Party Authorization aka LOA - Letter of Authorization

 

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 4, 2012 at 6:33am

@Evelyn TPA == Third Party Authorization -- yes have that and on file with HUD and lender. Talked with HUD many times over the last year on this one to keep it out of foreclosure.

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