I submitted a ratified contract and short sale package to Bank of America (not through equator because it is an FHA short sale). The file seemed to be going fine as I was waiting for a negotiator to be assigned and then yesterday out of nowhere they declined it saying the homeowner needed to attempt a loan modification first. Is there anyway to bypass this step?
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Submit the offer through equator instead. I just closed a BofA FHA sale in equator
When I logged into equator and tried to initiate the file an error code 901 dialogue opened and told ne to call 866-880-1232. When I called the rep told me that it was not an equator file.
I think I jinxed myself. When I tried to do one yesterday I got a notice that it was a government loan and it couldn't go through Equator. I was told we had to do it the old way of faxing it in. My client relocated for work out of state so they won't qualify for a loan modification anyway, but just thought I would let you know I guess I am wrong. I have done about 60 with BOA and this is the 1st one I have seen like this.
I have done all of them through equator... =) FHA doesn't matter
Weird... just read your comment. I think your client can decline a loan modification get something in writing saying they don't want one signed and dated.
Has HUD done their face to face with the seller? HUD is who should be saying yes or no to a short sale. I would call HUD
Thank you for the responses. I called the HUD NSC who forwarded me back to a BOA in house HUD rep. That rep was able to go through the necessary steps to eliminate the loan mod and reopen the file, but I do have to re fax the package. I really can't believe they still want faxes and have no idea why I can't submit through equator on this file. I thought everyone was going green.
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