Is it the "Promise Team" or "Loan Resolution Corp" with BOA?
I have two HAFA Bank of Amerca Short Sales that I"m working and both Sellers are being sent in two different directions; one is sent to the "Promise Team" and another is sent to "Loan Resolution Corp" when each other do not know of the other...hmm. The Loan Resolution Corp has promised for going on 3 weeks now that a letter is coming and it has been going back and forth to be finalized with the Legal dept. The Promise Team, just today I'm finding out about and will dig into them tomorrow. Am I the only one running across these 2 different areas?
Replies to This Discussion
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Permalink Reply by Kalpana on
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What is Promise team's phone number? I get an invalid number message for 1877-452-9308
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Permalink Reply by Lynn Pineda on
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It's 877 452 3908....just had a few of your numbers transposed.
Kalpana said:What is Promise team's phone number? I get an invalid number message for 1877-452-9308 -
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I have not heard of either team I am running through equator and they qualified the client then we found out investor does not particiapte big hassle
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Permalink Reply by Kimberley Kelly on
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So far, no promise team, but I too, was run back and forth between Standard Short Sale and HAFA short sale teams. No consolation, but it's the same with Chase and Saxon..so far..
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Permalink Reply by Roger D. Cummings on
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What ever happened with your "LRC" approval from BofA? I just posted a question on a general SSS BLOG a few minutes ago about one of my HAFA submissions through Equator that is also in "underwriting" with LRC and we've been waiting 6-7 weeks at this point.
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Hi Roger, would you still believe that I've been promised from LRC that the HAFA letter has been coming as I've tracked down a level of many people right up to top management all promising the same thing. I received a traditional short sale approval on this file in a shorter amount of time then it has taken to receive HAFA approval which I'm still waiting on. In fact, just recently they told me to re enter into Equator because somebody had deleted all the records after the homeowner wanted to cancel the traditional Short Sale and go for the HAFA short sale to have the deficiency rights removed and to receive the $3000 relocation. I've been told the approval letter is coming and now just last week they told me that it has been escalated to underwriting and management cannot give me a timeframe; flatly refused any time frames, incredible. This is just one of the worst experiences. HAFA should be called "HA HA". HA as I continue to wait. By the way, I'm waiting since April 20th.
Roger D. Cummings said:What ever happened with your "LRC" approval from BofA? I just posted a question on a general SSS BLOG a few minutes ago about one of my HAFA submissions through Equator that is also in "underwriting" with LRC and we've been waiting 6-7 weeks at this point. -
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Lynn,
You have us beat as we have only been waiting since May 11th. I just attended a seminar today at our local bay area Realtor board and the guest speaker was a VP from Wachovia who is in charge of regional short sales. She mentioned that Wells Fargo is considering the use of Equator as well and the room of 100+ Realtors got very quiet! I think she was surprised at the reaction as her assumption was that this system was on the cutting edge of short sale communications. She did concur that in the bay area where 2nd liens are typically higher then most of the country that HAFA approvals are probably not likely. Please keep me posted and I will do the same as we all fight this fight together! -Roger -
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Permalink Reply by Cami Pinsak on
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My seller was directed to the REDC group. She has not received her phone call or letter either. Each time I call the number 877-519-6652, I get a busy signal. Come on....Really?
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About 30 minutes ago, I was just emailed the HAFA letter that states my seller has been approved to participate in HAFA. Now I need the HAFA approval letter of the offer being approved. I"m told I can upload to Equator once Seller signs as previously I"ve been told that it must be mailed. How long will the actual approval letter take?Any quesses? I'll let you know.
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Permalink Reply by Paola Martinsen on
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Roger, what was the name of the VP who spoke at the seminar?
Roger D. Cummings said:Lynn,
You have us beat as we have only been waiting since May 11th. I just attended a seminar today at our local bay area Realtor board and the guest speaker was a VP from Wachovia who is in charge of regional short sales. She mentioned that Wells Fargo is considering the use of Equator as well and the room of 100+ Realtors got very quiet! I think she was surprised at the reaction as her assumption was that this system was on the cutting edge of short sale communications. She did concur that in the bay area where 2nd liens are typically higher then most of the country that HAFA approvals are probably not likely. Please keep me posted and I will do the same as we all fight this fight together! -Roger -
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Permalink Reply by Wendy Smith on
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my 2 HAFAs with Bank of America are both Loan Resolution Corp - my understanding is that BoA outsources HAFA to 4 or 5 different companies
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Permalink Reply by Tracy Gibson on
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I have 2 files with Promise Solutions and one with Loan Resolution Corp. The former is disorganized and slow, the later a tad better. They actually called me on an issue.
Another agent in my office had REDC. I wonder if B of A is trying out differnet HAFA processors to see who does the best job. An we and the borrowers are the guinea pigs.
Hoping for a light at the end of the tunnerl. -
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