Comment

Comment by Smitty on May 18, 2011 at 1:09am

Kristi, I had to call and email every day.  They are SLOW IMO.  My file JUST got assigned after a month and 1/2 of wasted time.  Now documents are "not current" - they WERE current when I submitted.  If you have the supervisor's name, email them and ask when you an expect a response.

Comment by kristi on May 16, 2011 at 7:27am

I have a shortsale process in file and i kmow wells usually assigns it to a processor first in order to get all docs for the negotiator, however this processor has had all docs for over 2 weeks now and even the cust service reps cant reach her or her supervisor for a status update and this may go to sale soon!>? anyone who can help?

Comment by Adam Woodhall on May 5, 2011 at 8:54am

Barbara - I am familiar with the difference, though I have more experience with one than the other...don't worry about the apology, as I'm sure we can all profess, we can never learn enough about the way MI works! WF kicked my file back to the start, so I have to do tasks all over again to get offer going. Hopefully I can overcome and close this time around.

Comment by Barbara J. Rice on May 4, 2011 at 10:17am

There are two typs of MI Adam. There's PMI that the homeowner would be aware of because it shows on their mortgage statement, but there is also MI that the mortgage holder may have put on the account. It is paid by the mortgage holder, not the homeowner, and the homeowner is rarely aware of it, but it will still have an impact on your short sale. !!!!

If you already know this, I apologize for the teaching lesson. :-) But if you were not aware and would like more info, feel free to call me.

 

Barbara Rice, Las Vegas

702-523-7907

Comment by Adam Woodhall on May 4, 2011 at 9:34am

Great - thanks for taking the time, guys. I had no intention of giving up, as I am confident investor Freddie Mac will see it my way, assuming MI is not involved. I do not believe MI is on this file, but I will double check to be certain. He did put a sizable amount down. My personal belief is negotiator is holding out as she stands to gain personally, as low as that may sound.

Comment by Suzanne Kensington on May 4, 2011 at 9:31am

I am with Barbara - don't give up.  I do have some contacts at Freddie that you can reach out to as well.  Terrance in the borrower's group 703-918-8244 is a low level person you can start with to see if it is a Freddie or WF.

Comment by Barbara J. Rice on May 4, 2011 at 9:12am

Is it really WF asking for the contribution or MI? My last one with WF was "declined and the file rejected" because the seller wouldn't agree to a $20K prom note. I expected WF would negotiate between us and MI but they were just ready to pull the plug. I contacted MI directly, got it down to a $5K prom which the client was willing to do, and we closed a couple weeks ago. :-)  If your contribution is being requested by MI, go to them directly.

IF, on the other hand the contribution IS being requested by WF, keep doing what you've been doing ... go up and up and up the ladder. It's likely that the nego is not in a position to accept the short sale without the $5K. My motto is: "I don't take "no" from anyone who can't give me a "yes". You need to keep going up the ladder to find the person who has the authority to say "yes". If that person (whoever it ends up being) has the authority but still says "no", then you've done what you can.

Good luck!

 

Barbara Rice, Las Vegas

702-523-7907

Comment by Adam Woodhall on May 4, 2011 at 9:00am

I was just told my WF short sale was 'declined', via Equator and negotiator email, yet it it does not indicate it is in the 'rejected' section of Equator. My offer is at or above BPO, back-ups are 20k less, AND WF is also the lender on the buyer's end. This is a win-win all around, but they want 5k from seller, which he does not have, despite their argument that he does. I've already emailed direct supervisor a few times, no response. Outside of just ignoring them trying to go to investor FMac, any suggestions? I appreciate it.

Comment by Michael Schneider on April 19, 2011 at 3:49am

ASC (American Service Corporation?)  and FHA are not in Equator, I believe.

I have two initiated.  Nothing special required, except patience and calm disposition.

Comment by Jim Schneider on April 19, 2011 at 2:48am

Just went to Equator and tried to initiate a short sale, and it said that the account number and/ soc didn't match an account. I double checked the numbers, and they were correct. Do I need to do something before I go to Equator?

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