Bank of America Forcing Loan Modification

I submitted a ratified contract and short sale package to Bank of America (not through equator because it is an FHA short sale). The file seemed to be going fine as I was waiting for a negotiator to be assigned and then yesterday out of nowhere they declined it saying the homeowner needed to attempt a loan modification first. Is there anyway to bypass this step?

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Permalink Reply by Jeff Payne on October 20, 2011 at 8:03am

Submit the offer through equator instead.  I just closed a BofA FHA sale in equator

Permalink Reply by Mike Puccio on October 20, 2011 at 8:16am

When I logged into equator and tried to initiate the file an error code 901 dialogue opened and told ne to call 866-880-1232. When I called the rep told me that it was not an equator file.

 

Permalink Reply by Jessica Eisenhauer on October 21, 2011 at 4:33am

I think I jinxed myself. When I tried to do one yesterday I got a notice that it was a government loan and it couldn't go through Equator. I was told we had to do it the old way of faxing it in. My client relocated for work out of state so they won't qualify for a loan modification anyway, but just thought I would let you know I guess I am wrong. I have done about 60 with BOA and this is the 1st one I have seen like this.

Permalink Reply by Jessica Eisenhauer on October 20, 2011 at 10:37am

I have done all of them through equator... =)  FHA doesn't matter

Permalink Reply by Jessica Eisenhauer on October 20, 2011 at 10:38am

Weird...  just read your comment.  I think your client can decline a loan modification get something in writing saying they don't want one signed and dated.

Permalink Reply by Crystal Wilson on October 20, 2011 at 10:52am

Has HUD done their face to face with the seller? HUD is who should be saying yes or no to a short sale. I would call HUD

Permalink Reply by Mike Puccio on October 21, 2011 at 4:42am

Thank you for the responses. I called the HUD NSC who forwarded me back to a BOA in house HUD rep. That rep was able to go through the necessary steps to eliminate the loan mod and reopen the file, but I do have to re fax the package. I really can't believe they still want faxes and have no idea why I can't submit through equator on this file. I thought everyone was going green.

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