Comment

Comment by Linda Ipaye on July 3, 2013 at 1:01pm

Thanks so much Joe! Yap, must be charmed! Most of the FHA short sales over the years have been with BofA! The seller has missed about 6 payments and her income has been cut in half. I will let the listing agent know what to be aware of. Thanks again!

Comment by joe beauchamp on July 3, 2013 at 12:54pm

Yep Linda, that is FHA rule. Seller must be eliminated from all other consideration before being allowed to do a short sale. 9 yrs and you haven't run into this? Charmed life? BOA took until last June to figure out that they should follow the rules rather than screw around for months then suddenly yank your short sale because they never did the loan mod check. (Of course, then in BofA usual manner, one dept made a form w/o telling the other and wouldn't allow any new SS's for about 4 months - and you missed all that, too?)

Heaven help you if the bank/FHA "underwriter" decides that your seller can do a loan mod - no SS is possible then. I had another that accepted the loan mod, never made a payment and 3 months later BofA/FHA said she was doing just fine on the loan mod so couldn't do a short sale. So, be careful.

Comment by Linda Ipaye on July 3, 2013 at 12:34pm

Hello Superstars! I am a broker in Idaho that has been doing short sales for 9 years. A buyer of mine has an offer on a property that has an FHA loan serviced by NationStar. NationStar is telling listing agent for over 1 1/2 months that the file is under review for a loan mod and must be declined before NationStar can move to short sale and work on ATP. I have never had this happen before with other servicers on FHA short sales that I was the listing agent on. Clarifications Please! Thanks!

Comment by Nolberto on July 3, 2013 at 3:21am

I would suggest to begin directly in Equator, otherwise, they will start you up with  RMA (Request for Modification Assistance pkg) which they demand to review you first for (if FHA,FNMA, GNMA, FHMC) That review itself could take about 60 days (before they review for short sale and 90 days to order a BPO/Appraisal. I'm telling you by experience on my own ordeal. 

Regards,

Comment by Wendy Rulnick on July 3, 2013 at 2:23am

Second question - Does the borrower still have to call 877-450-8638 to give financial info.

Comment by Wendy Rulnick on July 3, 2013 at 1:29am

There are THREE numbers in the info box to fax LOA - which is correct? Thank you!

Comment by Nolberto on July 2, 2013 at 9:30am

Also, the CMA is not and subject to  a number of properties. Some sold can be as far as 6mths and comparables could go to as far as 4 miles radio. The servicer will analyze it and go from there. I would suggest to send along your original BPO/Appraisal if there was any. 

Regards,

Comment by joe beauchamp on July 2, 2013 at 9:29am

Very good info from Kevin. The difference I often see in dispute info is the agent that just sends me 3 to 6 sold comps and the super agent that sends me the same but explains all the differences - I believe "complete" gives you better footing. Comp A has an extra bath worth $X in this market, Comp B has a finished basement worth $Y in this market. Subject property has cracked foundation - $15,000 estimate from contractor 1, etc. It is better to assume that the negotiator or investor has no interest in spending any time studying your submission - spell everything out for them - add up the numbers, make the case black and white.

I actually submitted 4 disputes for BofA/Freddie in a year and they asked for a 5th that turned into a 6th. All my comps were good for each one, so it can be a protracted battle.

Comment by Kevin - Greenville, SC on July 2, 2013 at 9:07am

Value Disputes
Q: How do I submit a value dispute?
A: All required documents should be submitted via Equator. Your Short Sale Specialist will begin the process of
reviewing the documentation and provide an answer once the value has been assessed.
Q: What documents are needed for a value dispute?
A: Each value dispute is dependent upon each specific loan type or investor requirements. In most cases, a value
dispute requires some or all of the following:
• Buyer appraisal
• Realtor BPO
• Comparable Market Analysis of sold properties- only use only sold comps - pending or active comps will not be
accepted.
– Property listing histories,
– Pictures
– Listing agents comments
All appraisals, BPO’s and CMA’s must be no older than 30 daysin order to reflect current market conditions.Short Sale Frequently Asked Questions
Q: How long does a value dispute take to review?
A: In most cases a value dispute takes 7 to 10 business days from the date thatthe listing agentsubmits the dispute
to the Short Sale Specialist. Keep in mind that the estimate of 7 to 10 business days is a normal review timeline,
but each dispute can vary on a case-by-case basis.
Q: Will a value dispute guarantee a value reduction?
A: Although a value reduction is possible, it is not guaranteed. There are some instances in which the values remain
the same or even increase. Value dispute assessments are partially based on current market analysis and trends.
Q: How often can I submit a value dispute? Additionally, how can I submit an additional value dispute?
A: Values are based on a critical examination of an internal-external BPO or appraisal. Once valuations are complete,
in most cases,the value will not expire for 120 days.

Comment by Kacey Queen on July 2, 2013 at 9:02am

VALUE DISPUTE??  

Any advice on how to submit a value dispute?  Nationstar just countered the current offer $15,000 higher and we don't believe that is fair market value. Tips and Advise appreciated!  Also The investor is not Fannie Mae or Freddie Mac.

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