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Comment
Can someone help me on this?
Seller has a Fannie 1st, with a $15K 2nd. Net Proceeds will be less that the payoff on the 1st, so both are short.
Seller is under review for the BofA cooperative short sale program. Under this program, what is the maximum payment that Fannie will make to the 2nd?
And, can the seller make an additional payment to the 2nd? Meaning, basically, can the seller use the incentive to make an additional payment to the 2nd?
under the cooperative short sale program
Jaime, I did an AMS/ HAFA in August, and I believe this IS how we did it. In fact I learned on that one that I didn't have to wait for BAC/AMS ok to approach the second (whereas previously we always had to have the 1sts approval in hand to approach the 2nd). Have your title company do a HUD for Chase, showing their percentage/amount of payoff, as well as all the other line items, and get their approval in writing and then send it to AMS. If AMS is still operating as they were over the summer, you'll still have to yell and scream to get the final letter from AMS even with Chases' written approval and in Cali at least, you'll need all three letters to go the title company --initial HAFA approval with sale price, and final approvals from lien holders. GOOD LUCK!
If it's Seterus, they are very fast but they cut your commission to 5% to pay for the 3rd party negotiator they hire.
Jim, No they skipped all of that in Equator. I just it this am and it was in Document Verifcation - I had received the email about the valuation being ordered 4 days ago in Equator and I had homeowner call yesterday and was told 3 days ago. Negotiator or rep (no title) wrote me outside of Equator with the rejection letter and going to the other service provider. When I check Equator now it is just completely gone- no messages in there either. Surprising since we're supposed to do everything in it- but then they just skipped through it. Thanks all for the heads up on Seterus. Not fun losing 2 weeks but better than it being rejected!
If it has been service released, then it means that the loan was "charged off" you now have to deal with Seterus Inc. I had recently a B of A with the exact same language... Decline - Service Released. Mine went to Real Time Resolutions. Not sure if Seterus is similar, but when I spoke to a manager (dont remember their name) I was told that BofA 1st would pay 6% or $6000 to the service released company... whichever was LESS. In my case it came to $4221 as a payoff to RTR. More than likely, you will have to resubmit another basic short sale package with Seterus as well. Call them, they are probably using the same loan number. Good luck.
Seterus is pretty good. I have a copy of the 3rd party they require to be notarized and the financial statemant they require. Send me an email at [email protected] and Ill send them to you so you dont loose any time. This will help speed it up:)
Tara -
Forget about the regular email. What did they say to you through Equator?
About the ordering of valuation? They should have advanced you to the "valuation" phase. Did they do that in Equator?
About the decline? They should have changed you to "rejected" phase. Did they do that in Equator?
Tara, I've had success with them. Just make sure you get there specific authorization letter and they also want it notarized. Don't lose another two weeks with this step. Not sure if everyone has dealt with that just FYI!!
Ok just got an update from the bank - "Please be advised i have closed out short sale since loan has been service released to SETERUS INC". So I guess we just lost 2 weeks on Equator? has anyone dealt with this? They gave a number for Seterus,
I just got a decline letter from Bank of America after submitting an offer less than 2 weeks ago (I am the listing agent). When we listed it we contacted the bank and homeowner applied for HAFA and didn't qualify. I was advised to wait for an offer then have homeowner call to initiate. Homeowner called same day as offer. Got authorization, contract terms and contract all up within an hour of task assigned. only were assigned these 3 tasks and received an email 4 days ago a valuation had been ordered. No one contacted me for property access. I got "Decline - Service Released" letter in my regular email as a Short Sale Rejection.
no reason was given.
??? It was a good offer- within 80-90% of market value. Deficiency of about $50,000 though. No counter either.
Is this a real decline or have I not done something correctly? The bank also said the home owner would get a call from a negotiator by yesterday and that never happenned.
Thanks!
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