Replies to This Discussion

Permalink Reply by joe beauchamp on November 20, 2013 at 2:57am

The investor is pretty important. Guidelines for SS come from them. You might find the investor in the mers online database. If not, after faxing in your authorization to the regular customer service dept, not SS, call them and ask. Usually, they will tell you. SS people usually do not. Worse case, have your homeowner call in to customer service and ask. Fed Truth in Lending forbids the investor to be a secret.

If your only hardship is that you made a bad investment and you can keep paying the loan forever, that is not much of a real hardship, just bad luck/investment. Being non-delinquent never works in your favor and some investors will never allow a SS that way. Most won't tell you that it is needed (and a current case of homeowner suing a bank because an employee told him he needed to be delinquent shows why they won't tell you the truth - I've also found that being a nice guy comes back to bite you in court - laws are made to punish "pushovers" - lousy law system).

Permalink Reply by SE Davis on November 20, 2013 at 3:12am

Good morning Shannon;

YES the Bank of America Cooperative Short Sale program may work for your client.

I've attached a PDF explaining this special program in a separate post. (Non-Borrower Occupancy) that your client needs to call Bank of America about in advance of any purchase contract. After that phone call and subsequent pre-approval, your client will need to sign the COOP special agreement before you can proceed with your SS submission.

If your client is prelim approved (client needs to call them direct) for this COOP program, they can remain current on their mortgage payments all the way to closing the rub is the SS file will probably be sent to REDC third party to process via Equator.  

REDC is horrible to work with ADD 90 days to your projected process expectation. This program does provide list assist guidance which helps if you can get the REDC rep to recognize it. Your client "may" be asked for a cash contribution depending on their projected financials post closing. 

The results may be excellent for your client. 

GOOD LUCK!

Permalink Reply by SE Davis on November 20, 2013 at 3:21am

BAC COOP attachment 11 pages.

Attachments:

• BAC-CooperativeSS Program-04-22-13b.pdf, 1.9 MB