Replies to This Discussion

Permalink Reply by Wendy Smith on September 21, 2011 at 3:15am

call the MI company.  I haven't heard of this either but I would call the MI company before relying on anything UTLS (or any other servicer/vendor) says.  I've lost track ar how times I've "caught" servicer negotiators in lies relative to what MI "says"

Permalink Reply by Angela Pitre Reddy on September 21, 2011 at 3:21am

UTLS will not tell me who the MI company is, is there another way to find out?

Permalink Reply by Jeff Payne on September 21, 2011 at 3:29am

angela you need to send them a qualified written request

Permalink Reply by joe beauchamp on September 21, 2011 at 5:13am

Frequently, and don't let this out, regular BOA cust svc will tell you.  SS reps are schooled to not tell you, usually the regular customer service rep will look it up right away for you.  You'll need to fax in that authorization - they don't have access to Equator.  So, did I just blow my nice in to get the MI info?  Hmmm..

Permalink Reply by Eric Mieles on September 21, 2011 at 3:34am

This unfortuneately may be the case. I know it's a little late but I have learned the hard way before doing any HAFA to always do a full discovery upfront and find out if the MI company does participate and/or what there specific guidelines are. many of them have additional guidelines above the traditional ones.

Permalink Reply by joe beauchamp on September 21, 2011 at 5:21am

The suggestion that you got to talk to the MI is good - I've had MI's who HELP me get the deal done.. Yes, really!

The other (possible) suggestion is to call the HOPE hotline - I've never gotten anything out of them, however, they are supposed to help on anything that is actually in HAFA.

Also, I would push to find out from UTLS what the MI is expecting.  This may give you an opportunity to refute faulty logic, like they expect the seller to say, "OK, then I'll pay you a zillion dollars to make you happy" or maybe something that can be bargained, or maybe something so insane that when you do get the MI involved, you can talk to them about how chocolate chip cookies don't actually grow on trees, etc.  Find the root of the issue.

It might be useful to note that UTLS, AMS, LRC, etc. work as add-on's for BOA - BOA tells them to jump or ask for 10% more than is legal or ignore POA documents, they will - or be fired.  It is possible that your deal is a victim of trying to appease some dumb edict from BOA.

Or, the MI has looked at the seller financials and feels that being pushed into a regular short sale, your seller will pony up $5K or a $15K note to go to the MI's bottom line.. Maybe the MI has nothing to lose by killing this.. (You might remind the MI that future contracts with the investor could be affected by the investor losing money on this deal because of the MI - which you intend to happily point out to the investor...)