Replies to This Discussion

Permalink Reply by Bryant Tutas on May 7, 2011 at 7:31am

Nestor. The approval in Equator means nothing. As you stated the investor and/or mortgage insurance have the final say so. The equator approval just means the file is now complete and ready to move further.

The assignment is just that. An assignment. The loan has been sold/assigned to Bank of America. It really doesn't have any baring on the time to foreclosure.

It does sound like your file is moving forward though. Hang in there. I truly hope it all works out for you.

 

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Permalink Reply by nestor on May 7, 2011 at 10:00am

Thanks, Bryant.  I had read about assignment of mortgage and thought it mean the property was heading to foreclosure.   There is mortgage insurance involved, does that mean a deal-killer usually?  How long does it take investor and MI typically to give approval?  I submitted my original offer at the beginning of the year and next month will be 6 months already....

Bryant Tutas said:

Nestor. The approval in Equator means nothing. As you stated the investor and/or mortgage insurance have the final say so. The equator approval just means the file is now complete and ready to move further.

The assignment is just that. An assignment. The loan has been sold/assigned to Bank of America. It really doesn't have any baring on the time to foreclosure.

It does sound like your file is moving forward though. Hang in there. I truly hope it all works out for you.

 

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Permalink Reply by Bryant Tutas on May 7, 2011 at 12:03pm

Nestor. Here's an article I wrote about how MI interacts in the short sale process. It will help you to understand the process a ttle more. http://shortsalesuperstars.com/profiles/blogs/explaining-mortgage-i...

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Permalink Reply by Keith Lawrence on May 8, 2011 at 1:38am

An assignement of mortgage just means the mortgage has switched from one bank to another.  Since Country wide was bought out by Bank of America this means that the mortgage is in Bank of America's name right now.

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Permalink Reply by Scott Korbin on May 8, 2011 at 1:07pm

You might ask the Lender if they have delegated approval authority. If they do, theur approval constitutes final approval unless stated in the approval conditions otherwise.



Bryant Tutas said:

Nestor. The approval in Equator means nothing. As you stated the investor and/or mortgage insurance have the final say so. The equator approval just means the file is now complete and ready to move further.

The assignment is just that. An assignment. The loan has been sold/assigned to Bank of America. It really doesn't have any baring on the time to foreclosure.

It does sound like your file is moving forward though. Hang in there. I truly hope it all works out for you.

 

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Permalink Reply by Marivel Costanza on May 8, 2011 at 1:28pm

 

 

Hi Nestor:

     Quick question,  How do you know your offer was approved in Equator?  Approval usually comes with an attached approval letter.  It could be that your offer meets the investor's requirements and the negotiator is getting ready to submit it for the final investor's approval...which is one step closer to getting your home.

     I recommend that your agent/negotiator requests an escalation and continue to be persistent. 

     Make sure there isn't an outstanding auction date, if there is one, request a postponement as soon as possible.  Some lenders require a postponement request at least 14 days prior to sale.

Good luck!

 

Marivel

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Permalink Reply by nestor on May 8, 2011 at 6:44pm

Thanks for the very informative article.  Oh no...I hope the MI company doesn't screw up the deal...I don't believe the bank is asking the seller's for a promissory note...but that's the bank, right & not the MI...man..just hope this closes..

Bryant Tutas said:

Nestor. Here's an article I wrote about how MI interacts in the short sale process. It will help you to understand the process a ttle more. http://shortsalesuperstars.com/profiles/blogs/explaining-mortgage-i...

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Permalink Reply by nestor on May 8, 2011 at 6:45pm

thank you, Keith.  I was concerned it meant the property was headed for foreclosure..

Keith Lawrence said:

An assignement of mortgage just means the mortgage has switched from one bank to another.  Since Country wide was bought out by Bank of America this means that the mortgage is in Bank of America's name right now.

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Permalink Reply by nestor on May 8, 2011 at 6:47pm

Hi Marivel,

My realtor said the listing agent stated bank accepted offer & gave verbal approval.  How does one find out if there is an outstanding auction date?

Marivel Costanza said:

 

 

Hi Nestor:

     Quick question,  How do you know your offer was approved in Equator?  Approval usually comes with an attached approval letter.  It could be that your offer meets the investor's requirements and the negotiator is getting ready to submit it for the final investor's approval...which is one step closer to getting your home.

     I recommend that your agent/negotiator requests an escalation and continue to be persistent. 

     Make sure there isn't an outstanding auction date, if there is one, request a postponement as soon as possible.  Some lenders require a postponement request at least 14 days prior to sale.

Good luck!

 

Marivel

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Permalink Reply by Marivel Costanza on May 8, 2011 at 7:06pm

 

Hi Nestor:

The listing agent/negotiator should know if there's a trustee sale date scheduled.  Also, the title company is a good source of public record information and your agent can easily find out through available services for agent's or by simply calling the seller's bank and asking them if there's a sale scheduled on the property.

 

 

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Permalink Reply by Scott Korbin on May 9, 2011 at 1:52am

Maribel,

I believe the operative word is "should." And one thing I've learned is the importance of not "should"ing myself.
I count on the Listing Agent only for follow-through and to provide me with copies of all communique with the Lender.

Unfortunately, the listing agent often depends on the Seller for copies of on going written communication, such as a notice of acceleration, but on some occastions, the Seller doesn't and you don't want to depend on the Loss Mitigation department to notify the foreclosure departmemt to stop the foreclosure process as "often the twain do not meet."

As for title companies being a good source of free public record information, great information. Having done business in a Title State for 5 years before moving to NC, I first assumed that everyone knew that. And you know what they say about those of us who "ass-u-me."  As for calling the seller's bank, I find that the assigned Trustee is a more appropriate contact if its gone that far.

S

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