"I'm not an attorney but I don't think they can REQUIRE anything. I think they can encourage it, but then again, I'm not sure. I know in my area lenders of REO properties constantly require a buyer to use them to secure…"
Spencer Lugash's Discussions
IMPAC?!? Who is this company?
Started this discussion. Last reply by Smitty Mar 7. 4 Replies 0 Likes
Negotiating a SS on a BOA loan. It was not allowed to go through equator. We were referred to a different department we've worked with before, but then they said they couldn't take this one and we…Continue
Have you had BOA close files in Equator with no explanation?
Started this discussion. Last reply by Eric Mieles Jan 29. 8 Replies 0 Likes
Hi all, I'm new to the site. I'm a California attorney and real estate broker specializing in short sales. For a bit over 4 years we have been dealing with short sales, modifications, litigation…Continue
Spencer Lugash's Page
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Brian Avery replied to Spencer Lugash's discussion IMPAC?!? Who is this company?"Impact is the investor on this file. They were a alt A and sub-prime lender in early 2000. The 1% credit using their lender is legal at least in CA. Carrington Mortgage does the same thing. It is there way to re-coop some of the…"
Spencer Lugash replied to Spencer Lugash's discussion IMPAC?!? Who is this company?"Yeah, that's what we thought. The questions becomes whether it is a RESPA violation for the investor to require a party to the transaction to use their realtor and to use their mortgage company. I have been involved in a few RESPA…"
Smitty replied to Spencer Lugash's discussion IMPAC?!? Who is this company?"You are dealing directly with the investor. I believe IMPAC is an investor. I don't like the other terms, but it may speed the process."
Spencer Lugash posted a discussionIMPAC?!? Who is this company?
Negotiating a SS on a BOA loan. It was not allowed to go through equator. We were referred to a different department we've worked with before, but then they said they couldn't take this one and we had to go through IMPAC. We just got our "Conditional Short Sale Approval". They are only allowing the seller's concessions toward buyer's closing costs if the buyer uses IMPAC financining. They are requiring the listing agent sign a fee agreement and commission disbursement agreeing to pay…See More
Eric Mieles replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"My understanding is that the internal review team did a major sweep and they also kicked out many files where either you're not licensed, didn't correctly put your license number in the correct field in your account or simply are not the…"
Spencer Lugash replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"January 1, 2011, a new law went into effect that essentially states that if a lender agrees to approve a short sale they cannot come after the borrower for deficiency thereafter. It also states that the lender cannot require the seller to put…"
Erik Larson replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"All,
We just had two of our short sales bounced out of equator today as well. B of A representative Damon advised us that there is an Equator system error today and many files were lost. Further discussions with a second customer service agent led…"
Jeff Payne replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"I feel your pain my friend, the rant was well warranted. Good luck."
Spencer Lugash replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"Eric. You are right that those are many of the "secret" reasons why the banks deny short sales. In my case, I think there is more too it. I am definatley on their radar. They closed all my files in one day. …"
Spencer Lugash replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"Thanks for the replys guys. I would love to respond to your questions Jeff, but frankly I have the same questions as you. After speaking with Quinn for about 45 minutes he informed me he would look into the one file that was…"
Spencer Lugash replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"We have regularly obtained short sale approvals with sellers that are still current on their payments. For us the key is highlighting the hardship. It doesn't have to be financial. Of course, if the seller has a bank…"
Jeff Payne replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"Good advice for sure Eric. Building a solid relationship with someone on the executive level has certainly made my life easier for sure.
The only thing that has me wondering is why would they cancel a sale that was just waiting on…"
Eric Simkin replied to Spencer Lugash's discussion Have you had BOA close files in Equator with no explanation?"I can tell you exactly what happened.
I personally sat down with a short sale mitigator that works for BofA short sale department. A few examples of why they are just cancelled:
1. There is PMI on the loan and it will be too much work for the…"
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Comment Wall (1 comment)
- At 4:21pm on January 26, 2012, Jeff Payne said…
Welcome Spencer!
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