Comment

Comment by Esperanza Agbayani on September 6, 2012 at 5:39am

If a homeowner has moved out and rented another home and wants to short sale can he still be approved despite his mortgage being current? 

Bought home at in 2005 and now underwater and cannot afford the mortgage payments but has been making payments since he does not want to ruin his credit. 

Can he still qualify for HAFA with a relocation incentive? He still maintains the house utilities and all. 

Comment by Rochelle Castro on September 6, 2012 at 5:27am

Where is your Title Company in all of this?  An experienced Title rep, should give you a helping hand, specially since they have a copy of the approval letter.  With all the information regarding Short Sales out there now, there is no excuse for a LA not to do the right thing representing a seller.  If you are too lazy to put in the time, and do what you need to do,  then don't take the listing!

Comment by Kylee Roe on September 6, 2012 at 5:18am

Anna, a "net to seller"? B of A is allowing the seller to have proceeds? Or they are looking for a page that says "0" to seller? Not sure where you are, but in Calif., that is on the HUD.  The LA can upload paperwork into the library on Equator, and then send the negotiator or closer a note telling them it's there. Wiring instructions should have been on the cover letter that accompanies the approval letter.

Comment by Patrick James on September 6, 2012 at 5:15am

This is why inexperienced agents need to stay away from listing short sales. Kudos to you for holding the listing agents hand thru this deal and doing the best you can for both your client and the listing agent's client for that matter....

Comment by Thom Colby CA Brkr 888-391-5245 on September 6, 2012 at 5:15am

@Anna - The Listing Agent needs to login to their EQUATOR account - go to My Properties > select the property > go to the LIBRARY > upload the new final HUD to the  "PROPERTY" file.

As for wiring instructions, it should be with the Short Sale Approval Letter.

Comment by Kevin - Greenville, SC on September 6, 2012 at 5:11am

This information will be on your HUD-1.  

Comment by Anna Williamson on September 6, 2012 at 5:10am

SOS! Can somone plz help m?. We are on the selling side. Closing this Monday. Supposed to have recv'd Wiring Instructions yesterday. Loan pkg is @ CA office but CA has not received wiring. Now, Listing agent says BofA wants her to upload a net to seller into equator and she doesn't know how to do. Can you advise me so I can help her? thanks She sometimes gets the info wrong. I had to do all the HUDS for her thru oput this process. Any help will be appreciated. thx so much, Anna

Comment by Sara Pichelmann on August 30, 2012 at 5:36pm

That is great!!

Comment by AnaLee Schnell on August 30, 2012 at 10:32am

Well I am happy to say that after 2 days straight of hounding the right people at b of a .. I won!! B of a is honoring my closing with them and I do not have to do all over again with the company they sold the loan to the day i recorded 8/23. Title sent my finals docs to me today and disbursed.

I used the online escalation tool that I got when attending one of b of a's seminars.

Not sure what did it but I was relentless. The lady I had been dealing with most of the time said that she has never seen the bank go in favor of the realtor in a situation like this and so that made me feel pretty good that I pulled off a near impossible feat.

Comment by Catherine Gheen on August 30, 2012 at 8:46am

What about the short sale escalations team?  I finally got them to take over an FHA short sale that yes has been going on for the last 9 months.  B of A FHA kept telling me I had to just work with them.

I am so thankful to God for his help, in one week had the file moved, now I have this file really submitted for approval.

I know that having to escalate gets old, but sometimes the bank give you no choice.

Just my two cents!  Catherine

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