Comment

Comment by Anna Parker on March 11, 2013 at 5:08am

Has any come across BofA FHA SS where negotiator would not approve the closing incentive to an estate or representative of the estate of a deceased borrower? Our Phase 1 negotiator reviewed & issued the ATP in the name of the "Estate of..." and now a Phase 2 negotiator is trying to say that the incentive is not available for the representative. There's nothing that I can see in the HUD Mortgagee Letter stating this -- and it was the BofA Phase 1 negotiator who qualified the file under the Estate of our client.  Any advice out there?

Comment by Theresa Ramos on March 11, 2013 at 4:45am

I have an agent in our office that needs to short sale her house. With Bank of America guidelines, can another agent in our office handle the sale? Or does it have to be in an entirely different office? 

Comment by Alton R. Tyndall, Jr on March 4, 2013 at 5:32pm

Bank of America just continues to drag their feet on my shortsale, first it was sold back to the bank by investor, then they say they are sending to the investor, them they want a revised preapproval because of the spelling of the first name, just ridiculous, now today the status has changed in equator from held to request for approval, wonder if this thing ever has an ending with this bank...

Comment by Patrick Harvey on March 3, 2013 at 6:08am

It is illegal for a non government entity to require a social security number to provide a service. They must always give an alternate means. In the case of a federally related loan, then they can require it. I have never given up the buyer's info to BofA; in my mind this would be a breach of my fiduciary duty. All my many BofA short sales have closed with no problems. Most likely it was some programmer thinking it was a good idea to ask for that info but it is not required.

Comment by Ann Howard on March 1, 2013 at 9:35am

If the income is from a 401K retirement fund the bank cannot touch it. Liquid assets is another thing if they have enough money in their account to pay.

Comment by Karin Christa on March 1, 2013 at 9:06am

Rachael do check if it is FNMA backed. Sheila is correct, the items you listed are considered hardship. But then again, you need to check how much of liquid assets or excess income do they have now. That is a key point, ultimately the lender could determine that those people can well afford it, perhaps not before, but now.

Comment by Sheila Vardakis on March 1, 2013 at 8:28am

according to my record Rachael.........divorce is a hardship.  having a 2nd lien of interest only for 2 years and then balloon is also especially if she can't refinance to get it paid off in the 2 years. 

 

Comment by Rachael Babinchak on March 1, 2013 at 8:19am

Trying to find out if anyone has been successful with a non-financial hardship when there is a surplus of income? (how much I'm not sure yet).  Hardship is 1) imminent default (interest only 2nd loan-balloon payment), divorce, long distance commute to work, increase in gas expenses.  She was reduced for 2 modifications and 1 consolidation of the IO loan, so she's sought other assistance.  BAC servicer and we're not sure yet if FHA or FNMA backed.  ????

Comment by Katerina Gasset on February 28, 2013 at 2:23am

@Catherine Gheen you are right. We must learn from the past in order not to repeat the mistakes in the future. It is impossible to go against the natural laws of the universe for a long period of time without it backfiring. The laws up supply and demand, the law of unintended consequences, the law of markets... and so on can not be fooled. 

Comment by Catherine Gheen on February 27, 2013 at 6:54pm

All of this is market manipulation, as the Fed is trying to keep the stock market going and the housing market.  The banks are still holding shadow inventory as in my area there are still a lot of foreclosures every month but they are not hitting the market.

The no appraisal homepath loan, is amazing and concerning as we are not yet out of this mess, but yet these practices are coming forward.  The Appraisal Institute fights for appraisal laws yet how is it Fannie Mae gets to make their own rules?

If we do not learn from the past we gain no Wisdom.

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