Comment

Comment by Janie Booth on July 26, 2010 at 3:40pm

Yes, Anna, I'm in the same situation. I think it is the new hires that say they are negotiators in Equator, but everytime we accept the counter, they counter something back. Just sent the 3rd counter back to them within a two week timeframe and each time the negotiator's name changes.

Comment by Anna Boyd on July 26, 2010 at 3:29pm

Equator is nothing but a buffer between us and BAC. Until close to the end you never get the names of the "negotiators".

I'm on a mission. I'm in a deal - 4th buyer. BAC countered us and we accepted their counter and then they countered AGAIN and took out half of what they agreed to in the COUNTER to us. BAC is on a different planet with their own agenda.

Comment by Vicki Pedersen on July 17, 2010 at 8:29am

I had a smooth transaction with Equator - BofA recently. Approval in 60 days and closed 30 days later.

Comment by Regina P. Brown on July 17, 2010 at 6:50am

So far, Equator = HORRIBLE. However, have had some success with Wachovia's new Fast Track program. Anyone else?

Comment by MARY HOOD on July 16, 2010 at 4:55pm

This California Short Sale Super Star is a great networking arena for us! Thank you, Victor.

Comment by Ryan Smith on March 24, 2010 at 4:37am

Is anyone else going to the Short Sale Genius event tomorrow and Friday? If so, I'll see you there.

Comment by Ryan Smith on March 24, 2010 at 4:36am

I hear you Victor. I also offer free loan mods. I just don't think HAFA is going to live up to the hype. Many agents believe this is the cure all. It's funny because people are making such a big deal about the $1,500 relocation allowance to the sellers...I'm pretty successful at getting this for them now.

Comment by VIctor T. Gurrola on March 23, 2010 at 4:49pm

I also offer free modifications since the re-default rate is close to 80% and eventually mature into Short Sales, i have about 6 HAMP loan mods that I plan on turning into HAFA short sales but up to this point the banks have no official training. Mean while I will just plug away on all others unless the banks mention HAFA to me.

Comment by Ryan Smith on March 23, 2010 at 2:01pm

How many of you are holding out hope for the HAFA program? How many of you think it will be as much of a failure as HAMP? I'd like to know what you're all thinking.

Comment by VIctor T. Gurrola on March 16, 2010 at 6:43am

UNDISCLOSED SHORT SALE PAYMENTS MAY BE ILLEGAL!!!

One common scenario is when a short sale seller's senior lender authorizes a payment of $3,000, for example, to extinguish a junior lien, but the junior lender demands that the buyer pays an additional $9,000 outside of escrow. Not only would it be risky for a buyer to pay outside of escrow, but concealing this additional payment from a federally-insured senior lender may constitute loan fraud, which is a crime punishable by 30 years imprisonment plus a $1 million fine (18 U.S.C. section 1014). Furthermore, omitting from the HUD-1 Statement any charges paid at settlement by either a buyer or seller may violate the Real Estate Settlement Procedures Act (RESPA) (Appendix A to 24 C.F.R. Part 3500).

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