Replies to This Discussion

Permalink Reply by Arlene Garcia Hanner on September 12, 2011 at 5:11am

Greetings Jennifer,

Did you submit the HUD1 you are mentioning with your short sale package?  Or are you referencing a HUD1 that Bank of America/ Equator prepared?

Permalink Reply by jennifer mullen on September 12, 2011 at 5:16am

I didn't have it on either HUD.  I'm negotiating another one with BoA now where they have first and second and he put the payoff to the second on the offer worksheet and then I changed the HUD to follow suit.  On that one they're handling everything together but are distinguishing between the two on the HUD.  That's what made me concerned about this file.  When I saw how the other one was happening alarm bells started ringing...

Permalink Reply by Arlene Garcia Hanner on September 12, 2011 at 5:35am

I had a similar scenario with BofA/Equator.  Both 1st and 2nd loans were with BofA.  Apparently, BofA was reimbursed by MI company.  Later in the negotiatons/workout, I was given the MI company information and "allowed" to negotiate with the MI company's collection agency.  The resolution I worked out with the MI collection company rep was forwarded to BofA/Equator.  I submitted a new HUD1 with the MI payout and submitted it to BofA/Equator and it was approved.

I would like to get some feedback from others regarding submitting HUD1 initially with monies allocated to 2nd to max allowable under HAFA.  Is anyone else sending the HUD1 initially like this? 

Permalink Reply by jennifer mullen on September 12, 2011 at 7:13am

Good news - I just heard from BoA and they told me that the second loan is never on the approval letter.  He sent it separately.  Also, for future reference, the HAFA relocation assistance is not on the approval letters either.  He also sent a copy of the worksheet, though, showing that payment.  What a relief!

Permalink Reply by Arlene Garcia Hanner on September 12, 2011 at 10:56am

Congratulations!

Permalink Reply by joe beauchamp on September 12, 2011 at 1:48pm

You bet, Arlene - we put that 2nd on the HUD-1 ALL the time - and, yes, I've had negotiators who have screwed up the negotiating and forgotten the 2nd, and negotiators who have screwed up the approval on the 2nd and some have taken forever to correct - as many things take at BOA.

The negotiator messes with the 2nd, I usually have 10% or some such there.  I always expect them to change it.

When you look at the offer task in Equator, you will have 2 places for the 2nd.  One is for a BOA 2nd and the other is for a non-BOA 2nd.  Same for the counters - and I've had a negotiator take it from the right place and put it in the wrong place.  It is not often that something gets corrected for me at BOA quickly, so I usually expect it to take weeks for simple things to be corrected.  Another reason to be as clear as possible in the offer task - yes there is a 2nd, is it BOA or other, etc.