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BofA no FHA?

Posted by Wendy Martin on June 3, 2011 at 6:11am in Short Sale Discussions
With all the upheaval at BofA recently since new management took over, files getting lost, negotiators getting lost, and everyone in "meetings" all day....Now I find out they will not allow offers uploaded to Equator that use FHA financing if BofA is servicing the loan.  Everything must be submitted manually. Anyone else encountering this?  Oh yeah I love how I found out....reply from generic negotiator:  offer declined- reason: OTHER.  Maybe this post can save folks some of the phone time I had to go through to get to the bottom of it....

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Replies

  • Mike Ashcraft June 6, 2011 at 9:32am

    Strange.  I have never had an FHA short sale where we had to get approval from MI co.  and don't FHA short sales require an appraisal not a BPO?

    Apparently you didn't miss something Thom, BofA did.  We'll all just cross our fingers and hope for your sake that they don't notice that they are working an FHA SS through Equator before it closes, because if they do, they are most likely going to kick it out and make you resubmit the whole SS package like poor Wendy Rulnick.  Good luck!!

     



    Thom Colby Newport Beach CA said:

    Seller is also FHA....

    Mike Ashcraft said:
    It doesn't matter what loan type the buyer is using.  If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them.  Its not something new, its been this way.

    Thom Colby Newport Beach CA said:

    hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely.  BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.

     

    Did I miss something??

     

    Thom Colby

    Broker / Negotiator

    Newport Beach CA

  • Thom Colby CA Brkr 888-391-5245 June 6, 2011 at 9:09am
    Seller is also FHA....

    Mike Ashcraft said:
    It doesn't matter what loan type the buyer is using.  If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them.  Its not something new, its been this way.

    Thom Colby Newport Beach CA said:

    hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely.  BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.

     

    Did I miss something??

     

    Thom Colby

    Broker / Negotiator

    Newport Beach CA

  • Wendy Rulnick June 6, 2011 at 12:36am
    Thom - I had a Ginnie Mae in Equator - it was progressing nicely, too, UNTIL BOFA determined it should not have been in Equator at all- caused a minimum 30 day delay moving it to the "right" department....
  • Mike Ashcraft June 5, 2011 at 9:15am
    It doesn't matter what loan type the buyer is using.  If the Seller has an FHA loan and its serviced by BofA then they don't use Equator for them.  Its not something new, its been this way.

    Thom Colby Newport Beach CA said:

    hmmm - I'm confused,,,, I have a transaction in Equator for the past few months BofA - one loan only, Buyer is using FHA and it's progressing along nicely.  BPO's have been done (although they told me the lastest BPO came in lower than the last couple) and it is currently with MI company for approval.

     

    Did I miss something??

     

    Thom Colby

    Broker / Negotiator

    Newport Beach CA

  • Beatrice M. Stambulski June 5, 2011 at 8:28am

    Now I understand why my Short Shale serviced by BofA was decline, reason: OTHER.

    FHA loan, I had 6 offers on the property, over asking and over current market value. BofA would not give an extenrion of 25 days to close . Called FNMA they had no idea what was going on, either did not get the whole info or correct info from BofA negotiatior who was extremely slow at responding.

    My conclusion, if the loan is not a BofA loan, they'll let it go to foreclosure. I closed other Short Sales with BofA, their own loan. In my market area a large numbert of  FNMA REOs which were on the market as Short Sales mostly with BofA

  • Kimberley Kelly June 5, 2011 at 3:25am
    Gads..just one more financing problem.  I LOVE cash Buyers except that they are so often Investors and that can be a problem too..help us help our housing market out you Lenders, don't' make it harder for us!
  • Jim Schneider June 5, 2011 at 1:54am
    You'll also be misdirected by many different personnel if you try to get the short sale pre-approved. Just mtell them hud requires it and you need to speak to their manager before you file your complaint.
  • Eric Mieles June 3, 2011 at 2:37pm
    Yes sir. You will get a secured email from your negotiator asking for specific docs in a VERY specific order.
  • Wendy Rulnick June 3, 2011 at 8:45am
    YES - You must fax in HUD/FHA and VA contracts, as well as Ginnie Mae...  I think they are working on getting those added to Equator eventually.
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