I GOT A SS LISTING W/BOFA AS LIEN HOLDER WHEN I CALLED SS DEPT LOAN WAS TRANSFERED TO REDCO.

IRMA KNIGHT July 13, 2011 at 3:10pm

Thanks for replying to my question. I called REDC and they told met hat my seller might qualify for HAFA program, (eventhough I had already checked that his loan is not Fannie or Freddie) they asked me to "fax" the last 2 months of bank statements, last 2 years of tax reports, 4506 tax form signed by the owner, last 2 month of paystubs and a hardship letter. They directed me to Making Home Affordable website and asked me to download the forms fill them out and send them to this fax No.877-381-9778. I just sent them today. I will call tomorrow and make sure they received and I will keep you guys posted. It is frustating to hear one thing from a bank representative and then another representative tells you something else on the same matter.

Craig Bartels July 13, 2011 at 8:07am

I have two short sales with Bank of America in the same situation. I am still somewhat unclear on what and how REDC works, benefits, as they didn't seem to want to tell me on the phone. From what I have figured out, if a seller chooses REDC to work file, they are paying $2,500 or so at closing to the seller, but if the short sales goes directly through BofA, no money is paid. Both of my homes are from investors, so they are not FHA and owner occupied short sales. I stumbled upon REDC because one of the investor properties accidentally got sent to REDC as a HAFA file. After I tracked it down(after multiple calls to BofA who couldn't give me an answer on why I couldn't submit an offer through Equator), I called REDC and found out that they do both HAFA and "co-op short sales".

First investor I am waiting on REDC to get paperwork to seller...they said they can't email or fax the paperwork to me or them, but has to send in the mail. Said it takes 15-20 days for paperwork to get to seller. I then called about a 2nd investor home, just called REDC directly and said my seller wanted to do a co-op short sale and asked what kind of consessions the bank was offering at closing. They said $2,500 on that account as well. So uncertain whether REDC works files normally that BofA feels they can't get sold any other way then with incentives? I am uncertain whether REDC will take ANY BofA loan as a co-op short sale(if agent just calls and asks), but if these work out and I gather more data, this might be a small marketing piece I do attracting BofA short sale prospects "work with me, I will get you $2,500 at closing paid by your bank!"..

Edith Gingerich > Craig Bartels September 12, 2011 at 7:13am

I had a similar situation. Submitted a short sale through Equator to Bof A, after several calls, emails and attempted communications as to why I could not submit offer and with B of A rep's giving me incorrect information as to what has to happen, I was finally transferred to REDC for a "co-operative short sale". When I asked "why", I got a generic answer. We have now been 30 days just trying to get the paperwork from REDC. Hummm...some 30 -60 day close as they boast on their website? My deal was originally tagged as a HAFA by B of A, but they finally got it clear to all involved that it was not a HAFA. Seems interesting that the two you had were transferred to REDC were also non-occupant owners? How is the processing going? I can't seem to get mine even started.

IRMA KNIGHT July 6, 2011 at 1:06am

Bryan: Thanks for the prompt response to my question, I goggled the name REDC and REDC is an auction company. I will keep you posted with the outcome. Thanks again. Irma K

Bryant Tutas July 5, 2011 at 11:56pm

Hi Irma. BofA outsources to 3rd parties to handle some of their loans. HAFA short sales are almost always outsourced. As are their co-op short sales.

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I GOT A SS LISTING W/BOFA AS LIEN HOLDER WHEN I CALLED SS DEPT LOAN WAS TRANSFERED TO REDCO.

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