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Now I understand why my Short Shale serviced by BofA was decline, reason: OTHER.
FHA loan, I had 6 offers on the property, over asking and over current market value. BofA would not give an extenrion of 25 days to close . Called FNMA they had no idea what was going on, either did not get the whole info or correct info from BofA negotiatior who was extremely slow at responding.
My conclusion, if the loan is not a BofA loan, they'll let it go to foreclosure. I closed other Short Sales with BofA, their own loan. In my market area a large numbert of FNMA REOs which were on the market as Short Sales mostly with BofA
hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely. BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.
Did I miss something??
Thom Colby
Broker / Negotiator
Newport Beach CA
It doesn't matter what loan type the buyer is using. If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them. Its not something new, its been this way.
Thom Colby Newport Beach CA said:hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely. BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.
Did I miss something??
Thom Colby
Broker / Negotiator
Newport Beach CA
Strange. I have never had an FHA short sale where we had to get approval from MI co. and don't FHA short sales require an appraisal not a BPO?
Apparently you didn't miss something Thom, BofA did. We'll all just cross our fingers and hope for your sake that they don't notice that they are working an FHA SS through Equator before it closes, because if they do, they are most likely going to kick it out and make you resubmit the whole SS package like poor Wendy Rulnick. Good luck!!
Thom Colby Newport Beach CA said:
Seller is also FHA....
Mike Ashcraft said:It doesn't matter what loan type the buyer is using. If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them. Its not something new, its been this way.
Thom Colby Newport Beach CA said:hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely. BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.
Did I miss something??
Thom Colby
Broker / Negotiator
Newport Beach CA
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