Replies to This Discussion

Permalink Reply by Celeste ODea on June 2, 2011 at 7:02am

Yes, unfortunately, you have to start the process all over again.  They have to deny the short sale on the first buyer and then re-set Equator so that you can re-initiate the short sale for the 2nd buyer and upload docs all over again.  It should not take as long once you do this.  Once you re-initiate, I would also escalate.

Permalink Reply by Steele V. Propp on June 2, 2011 at 7:03am

Unfortunately the approval was for a specific buyer.  This is standard operating procedure.  The good news is that you have already "broken the trail".  Get all the stuff together and submit as soon as possible.

 

I don't think you are going to get around this.  But it should be alot easier.

 

One of the problems that I have seen in a situation like yours is that the agent suggests the approval is already given.  They set an expectation and then can not deliver.  Just be honest with the new buyers.  It has to go through the approval process on it's own merits but since it has been done once before it "should" go faster.

 

Steele

Permalink Reply by Stephen Shafer on June 2, 2011 at 8:13am

Call in ASAP tell short sale  rep. your buyer walked and to cancel the file.When it is out of Equator upload your new buyer wait til a negotiator is assigned & ask to escalate the file. Good Luck!

Permalink Reply by Heather Robins on June 2, 2011 at 9:27am

Good luck, never had them do it or seen it done.  That to me is their BIGGEST FLAW

Permalink Reply by Erica Lee on June 2, 2011 at 9:37am

Thanks all!  Any good contacts that you can share?  I'm going to try to take it to management level before starting all over again. 

Permalink Reply by Heather Robins on June 2, 2011 at 9:46am

Did you have a closer?  They are usually the better help.  I have a good negotiator to get things going if you re start in Freddie Mac side

Permalink Reply by joe beauchamp on June 2, 2011 at 3:06pm

BOA has a soft denial - OK, since the new Equator, that was a bust, too - wasted a week and still had to restart by hand myself.  But anyway, this is supposed to get you started faster.  A big complaint has been the loss of a buyer and this is part of their attempt to speed it up.  As previously mentioned, BOA bases almost everything on the buyer.  Pulling the buyer is like taking the bottom card out of a house of cards - the file unravels. (And see you see the ugly outside of Equator, you can imagine what that means to the really ugly inside of Equator.)

 

W/o a major change working, you have 0.00001% chance of bypassing the soft denial.  Besides, if you've been working files since March, you know that crazy things happen and they are so slow these days that restarting a file is faster than the time it takes for most of the simplest negotiator tasks - so what are you really gaining?  Might be able to make up for the time you take up arguing your point?

 

If you really want to spin your wheels on this one, John Ciresi is a VP with a form that you fill out and he lets loose his crack team of SS people to fix problems.  Good things get done in maybe 2 days.  I usually see 4 or so days to never.  But, I hand him stuff when I just can't get things done.

 

Office of the prez is good at touchy feely things like management problems - not techy Equator problems.  When you aren't getting a call from that closer or negotiator, you will right after you call them.  They disappointed my on my last call, however.  And in this case, if there is a procedure which now works, they will get to the right person to find out while you are on the phone.  If BOA is as it has been and such a thing still does not exist, they will get that answer, too, and give it to you.

 

If it were me, I'd ask a BOA rep (after asking about a couple of other files to see if this is one that should be thrown back into the pool) if he can get the buyer changed for me w/o restarting the file.  When I get the "no", he should suggest the soft denial - I would ask for it if he doesn't.

 

Again, if it were me, regardless of the restart, every time I call in, I would mention that this got so far and we got a new buyer.  Also, once the negotiator is assigned, I'd send my welcome message and mention the same thing and that the file really started on X, etc.  Equator is great at hiding history.  I spend time letting them know that they are already 3 months behind the eightball, etc. because they don't know otherwise - and that seems to help.

 

Good luck either way you go..

Permalink Reply by Erica Lee on June 3, 2011 at 6:14am

Thank you Joe.  I think I will try contacting John Ciresi.  Is it [email protected]?

Permalink Reply by joe beauchamp on June 3, 2011 at 8:50am

Yep - and here is one incarnation of his form - fill it out, email it to him.

Attachments:

• Short Sale Information Form 8.23.2010.doc, 4 KB

Permalink Reply by Erica Lee on June 3, 2011 at 9:17am

Thank you!