Listing Agent did NOT submit short sale package to SECOND lien holder! Is that okay?
I'm representing buyer in a short sale where BoA is the First and Second Lienholder. We've been under contract for SIX MONTHS (since November 2009). The file has gone from BoA to Titanium and back to Equator with BoA. Today BoA has asked listing agent had to resubmit the entire short sale package via Equator. In speaking with the listing agent, I learned that they only submitted a short sale package to the primary lien holder and have not had any conversations with the second lien holder. They are under the understanding that the first lienholder will handle all of that for them. Is this true? I've always heard that even though the lender might be the same, the investor is usually different thus requiring short sale packages for both lien holders.
The listing agent does not agree with me that the file should be escalated. I think they are operating under the belief that if they sit patiently and quietly, providing info whenever it's requested they will get it done. I don't agree with that approach.
Any advice would be appreciated!
HELPPP!!!!!
Replies to This Discussion
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Permalink Reply by Karyl Moore on
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When B of A holds the first and second, you only need to submit it once. I was told that by more than one B of A rep and I recently closed a property in that situation, and we only submitted the package once. Hopefully your listing agent noted both loan numbers on his cover sheet in case they don't catch it, just to be safe. I had 3 B of A short sales going when they started converting to Equator (they were all as old as yours). Two of them were asked to be put on Equator and one was kept off Equator to be closed the old-fashioned way - I'm not sure why. One of the Equator ones has closed now and two are scheduled to close next week. I think Equator helped but the agent needs to escalate.
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Permalink Reply by David Wiggins on
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Patience and perseverance....last one we were involved with took 9 1/2 months and that was with B of A. On our listings we send a short sale package to both the 1st and 2nd, even though both are B of A we don't have much communication with the 2nd until 1st gives us instructions or acceptance. We usually offer $2,500 to $3,000 for the 2nd for the HUD. Maybe we overkill, I don't know for sure.
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Permalink Reply by Susan Georgeson on
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Thanks Karyl and David!
Yes Karyl, I agree the agent needs to escalate. He is afraid to "make waves" and somehow thinks that if he sits there quietly and politely, they'll get this done. I'm not so sure at this point.
I'm wondering if having them reinput into Equator is a good sign, that maybe BofA is interested in resetting the start date of the short sale request back to zero so that they could actually process it according to HAFA timelines??? I don't know - that may be a stretch...
David, I agree that it's a safe bet to submit the full package to both the first and second even though both are BoA - because the investors are certainly different for each. -
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Permalink Reply by Gary Carpenter on
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Having to reinput everything into equator is not a good sign at all. Especially if you're working with someone that wont escalate. The only way to get anything done in a timely manner with BoA is to escalate. Be as pushy as you can be, because the 1st tier of reps you get have no clue to what's going on and can only give you information that they can find in their system. All I do is negotiate short sales with banks and BoA is the hardest bank to get anything done. You have to be ready for 2-3 hours out of your day spent pushing through to someone at a manager level to get anything done. If you wait for them to do anything without, expect the file to get lost in their system. Good luck with your sale. If you have a particular question or are stuck at a certain stage of the process. Let me know and I will give you any insight that I have on it.
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