Lost in Equator-Bofa 2nd Mortgage

First mortgage holder is Chase and they are moving fast on this short sale.  Entered info into Equator for 2nd mortgage held with BofA.  First response is that laon is HAFA eligible.  Replied back that homeowner is not interested but read tonight that homeowner must call BofA and opt out.  No problem.

 

Now have message stating 3rd party auth was rejected.  Not sure what is going on with that.  Here is what was done.  Uploaded 3rd part auth that was signed by homeowner for 3rd party negotiator.  I am thinking they must want a BofA form signed by homeowner for me (agent).  If i am on the right track please tell me where to get this form. Otherwise, someone please give me some guidance on keeping this deal on track.  I would hate of BofA as second lien holder to mess it up.

 

Also how much should I offer them?  3% ? 5%??

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Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 17, 2011 at 5:23pm

Michael - It sounds like you are not authorized - the 3rd party negotiator is........  If that's the case, the 3rd party should be opening the new Equator file - that's what you're paying them for.  If you want to negotiate your own deal in Equator, the 3rd party Authorization signed by the seller / borrower needs to have YOU listed as the "authorized person".

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Permalink Reply by Heather Robins on March 17, 2011 at 5:59pm
They do have their own form, they rarely make you use it though and for them to outright reject it, might be good double check their reasonings.  Have you called the Short Sale Dept and rec'd approval to be the agent? Does your form state you, your company, the borrowers, loan number and last four of ssn.  If you are doing it through a 3rd party have they?  If you are doing everything through equator why are you paying someone else....    - Heather
Permalink Reply by Heather Robins on March 17, 2011 at 6:00pm
On what to offer the second, call Chase they are going to have a set amount in their system.
Permalink Reply by Sylvia Barry on March 17, 2011 at 8:02pm

Same thing recently when I had to reinitiate a file after the authorization was approved before. Suddently received a note from Equator saying the signature is not same as the name on file.  Have seller sign again, the signature is still the same.  Put a note on Equator saying sorry, this is how she signs.  It was accepted as is.  May be a technical problem with the new equator system?

Permalink Reply by Jim Hale on March 19, 2011 at 5:49am
If BofA was doing the servicing, they would only give the 2nd a whopping 6%.

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