Ben Racela
  • Male
  • Albuquerque, NM
  • United States
  • NM
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Ben Racela's Friends

  • Lisa Nishioka
  • Tara Polley
  • Tony Marriott
  • Barb Covic
  • Elaine Kan
  • Ben Benita
  • Paola Martinsen
  • Jasmine Bega
  • Mayra Espinosa CDPE, HAFA, SFR

Ben Racela's Discussions

HAP Denial - PCS Orders issue

Started this discussion. Last reply by Wendy Rulnick Dec 19, 2011. 3 Replies

Hello Superstars,HAP denied a client's application due to his PCS orders were outside the September 20, 2010 window.  What can be done to salvage this, if anything?  Any assistance would be greatly…Continue

Tags: HAP

Ever deal with the "Litigation Department?"

Started this discussion. Last reply by Bryant Tutas Oct 2, 2010. 1 Reply

Have a short sale and have been told by BofA that the account is in the "litigation departement."  When I ask what is that department is and why this account they responded with "we are unable to…Continue

 

Ben Racela's Page

Latest Activity

Ben Racela replied to Carolyn Triebold, MS's discussion FHA Approval/B of A sold loan in the group FHA - HUD Short Sales
"BofA is the servicer and if the approval is FHA contact FHA directly to get some assistance.  After all FHA is the investor."
Jul 26, 2013
Ben Racela commented on Wendy Rulnick's group Green Tree Servicing
"Significant Issue!!! I have a Green Tree as a second.  What can be done when they are seeking 90% of the balance to release the note?  The seller's are elderly and sickly and I've explained that but they do not care.  Most…"
Aug 16, 2012
Ben Racela replied to Sameer Punjani's discussion BOFA can't find loan number? in the group Bank of America Short Sales
"Ask the seller when the last payment was made.  If I remember right if it was longer than 3 months they will charge it off and it will be in their recovery department.  Also ask the seller to provide you with the last statement of this…"
Jul 10, 2012
Ben Racela commented on Wendy Rulnick's group Bank of America Short Sales
"@ Thom It is my understanding that this is in response to the DOJ settlement.  There are 2 main criteria that must be me for the loan to be considered for this DOJ Modification.  1) It must be a BofA loan; 2) and serviced by BofA.  I…"
Apr 9, 2012
Ben Racela replied to Benjamin Campos's discussion LENDER ASKING FOR CASH CONTRIBUTION OR PROMISSORY NOTE TO MOVE FORWARD in the group Wells Fargo Short Sales
"Instead of just saying "no" the seller should have provided a statement as to the reason(s) why they cannot bring cash at closing and pay for a promissory note.  Most lenders are asking for cash and promissory note.  Basically,…"
Mar 28, 2012
Ben Racela commented on Wendy Rulnick's group Help Me!
"@ Tara I had a few instances of this senario.  What has been my experience is that the lender will lower the purchase price to meet the appraisal.  After all the amount of the loan will be based on the appriasal value."
Mar 26, 2012
Ben Racela replied to Mike Mondy's discussion Taking over BofA short sale from a previous Listing Agent ... in the group Bank of America Short Sales
"Contact BofA directly and let them know that are now the listing agent due to the prior listing expired.  They will send you a task via equator and you will accept the assignment and begin. "
Mar 26, 2012
Ben Racela replied to Melissa Polce's discussion BofA Investor Property Short Sales in the group Bank of America Short Sales
"Hi Melissa, I have not heard of that from any lender and believe it to be incorrect information from the lender."
Mar 22, 2012
Ben Racela replied to Tiffany Alleshouse's discussion GREENTREE NOW ACCEPTING 6% in the group Green Tree Servicing
"Typically BofA will allow 10% to be paid towards a second position mortgage.  Good job!"
Mar 21, 2012
Ben Racela replied to Keji Ogunleye's discussion BoA & REDC in the group Bank of America Short Sales
"Has the seller signed the Deed-in-Lieu agreement?  If they have a lender will typically not cancel the agreement.  Also REDC is the Cooperative short sale partner for Bank of America.  The COOP is similiar to the HAFA short sale…"
Mar 21, 2012
Ben Racela commented on Wendy Rulnick's group Bank of America Short Sales
"This is an interesting issue with this BofA authorization.  I do not see anything wrong with providing the agent authorization to the file.  At this current time I am submitting our own LOA granting our associates the ability to discuss…"
Mar 14, 2012
Ben Racela replied to Deena H's discussion Seller trying to back out of Short sale!!!!! in the group Bank of America Short Sales
"I agree with you.  So many different departments within each lender and each operating independently.  How we manage that is to centralize communications and then meet with the seller's to discuss those messages.  It works for us."
Mar 9, 2012
Ben Racela replied to Deena H's discussion Seller trying to back out of Short sale!!!!! in the group Bank of America Short Sales
"For listing agents it is wise to ask the seller's if they have applied for a loan modification.  If they have but tell you that they only want to do a short sale now have them contact the lender and terminate the loan modification process…"
Mar 9, 2012
Ben Racela joined Mori Langshaw Sr's group
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Flagstar Bank

Loss Mitigation Phone- 1800.968.7700 ext #9780 Fax Authorizations/Packages: 1866.234.9845See More
Mar 2, 2012
Ben Racela replied to Loreena Yeo's discussion HELP - Still no BPO - How to escalate file? in the group Wells Fargo Short Sales
"Hello Loreena, Normally Wells Fargo is quick to reply and since you have submitted the requested documents it is probably in the document collection phase.  I would anticipate that the appraisal should be ordered this week and they will contact…"
Jan 31, 2012
Ben Racela replied to Tni LeBlanc (805) 878-9879's discussion HAFA & Consent for Communications with BofA in the group HAFA - Home Affordable Foreclosure Alternative
"I used to do the same thing and found it to be counter-productive.  What was more productive was to have the seller's respond to the phone call and let lender know what they are doing and answer their questions.  That way there is a…"
Jan 31, 2012

Profile Information

First Name
Ben
Last Name
Racela
State
NM
City
Albuquerque
My Profile
As a real estate professional you know that taking on a short sale will reduce the time to show and sell properties. We can help leverage your time by managing the tedious requirements of the short sale process, allowing you to continue doing what you do best, sell houses. We will deal with the daily hassles of negotiating with foreclosing lenders, and lien holders. We are Your Short Sale Power Team!

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