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The offe was in the equator few minutes ago, now it is gone and I was told to start over

Posted by Laura Rivera on August 15, 2011 at 8:58am in Short Sale Discussions

First loan, B of A , second Green Tree.

I uploaded an offer 2 weeks ago. I am well aware that B of A will flag this offer for HAFA, (which they did). I called Green Tree to make sure they participate w/ HAFA, which they don't. So I called B of A and told them that second is not participant, therefore we can't do a  HAFA. B of A then told homeowner to call and opt out on HAFA. 2 weeks gone by without a word about appraisal. So I called this morning and was told it is being handled by UTLS (this is the first time I heard about them). I called UTLS and found out that they have the file as HAFA as Bof A sent the file over to them. I told UTLS that seller opted out of HAFA, she said, okay, I will have to decline. About 1 minute later I called the BAC short sale department, and the guy said, " I don't see your offer", it was shut down, your file was declined. "Do you have an offer?" If you have, " You have to start all over". 

Is there another way out but really start all over? How could this get so screwed up, when I was watching it from day one. In a matter of 1 minute the lady from UTLS is making my day miserable already.

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Replies

  • Dieter Diaz August 16, 2011 at 1:56pm
    Every single file flagged for HAFA will be sent to the "Borrower Outreach" dept. Where they will try to contact the homeowner to do a HAFA screening. Knowing this I always get ahead of them by having the homeowner call right away and decline HAFA when it it not applicable.
  • Laura Rivera August 16, 2011 at 1:52pm

    HI Dieter,

    Yes, my seller called to opt out. And in the remarks when I initiated the short sale, I made it clear that seller opted out of HAFA as the second lien holder is not a participant. I know if I don't mention it, they will flag it as this is owner occupied and principal residence for seller.  And the generic message followed,  that it will be on valuation and appraisal in 7-10 business days.

    I followed up why we did not get any phone call regarding appraisal, and that's when I found out they moved the file to UTLS under HAFA anyway. The lady at UTLS looking at the file told me, Oh, it says here that seller opted out of HAFA. They knew it when they got the file and let it sit there. And she says okay, I have to decline the file. And everything deleted from her fingertip. So screwy. After uploading everything yesterday, it is back as a normal short sale and I got a very nice guy working on it to compensate for the lost days.

  • Dieter Diaz August 16, 2011 at 1:29pm

    Rule of thumb with every single HAFA flagged short sale in equator: the file will be send to UTLS and your seller does have to call them directly to decline HAFA if they don't want it or if they don't qualify for any of the various reasons. What this means to you as the agent is that you will have to have the file declined/removed and initiate it again without the HAFA code on it so it can be processed as a regular short sale. This happens on every single file so you will always have to catch it and make sure no time is wasted. There are equator steps that after completing numerous short sales you'll be able to remember by heart. 

     

  • Laura Rivera August 16, 2011 at 10:25am

    Hi Ifeta,

    Well, after the fiasco yesterday, this morning I got a very nice phone call from a negotiator assigned to this file. He has escalated and is moving forward with the appraisal and review.

    IFETA REDZOVIC said:

    I am in a similar situation with BOA now on a short sale. We have initiated short sale on a file before getting a contract. When we did get the contracts which was 3 weeks later we went to upload and could not. Equator didn't let us. On line chat didn't work and were told to call BOA. Over the last 20 days we have called B o A 7 times. We were told each time  we were told file needed to be canceled out before new one can be opened up.  They said it will take 48-72hrs to do this. We kept checking nothing was done. Finally I called and demanded someone takes care of this while I hold. They transferred me back and forth and then told me they couldn't do it since this was now assigned coop short sale? It was assigned to REDC default solutions by BOA.. Since I didnt have power of attorney lady at REDC would not speak to me she said I only had authorization signed by my client. My seller needs to call in and let them know if she wants to participate to receive 3,000 ? I informed her my seller has moved out over 6 months ago is this not HAFA? No she stated they can still get this money even if they have moved out?? My sellers speaks no English which makes things harder. Now we are waiting for forms she will mail out to the seller. Forms have to be faxed back to her before 1st file in equator can be canceled out and new  file initiated. THIS IS WHEN I GET TO UPLOAD MY OFFER FINALLY!!!  YES IT IS FRUSTRATING.
  • IFETA REDZOVIC August 16, 2011 at 8:24am
    I am in a similar situation with BOA now on a short sale. We have initiated short sale on a file before getting a contract. When we did get the contracts which was 3 weeks later we went to upload and could not. Equator didn't let us. On line chat didn't work and were told to call BOA. Over the last 20 days we have called B o A 7 times. We were told each time  we were told file needed to be canceled out before new one can be opened up.  They said it will take 48-72hrs to do this. We kept checking nothing was done. Finally I called and demanded someone takes care of this while I hold. They transferred me back and forth and then told me they couldn't do it since this was now assigned coop short sale? It was assigned to REDC default solutions by BOA.. Since I didnt have power of attorney lady at REDC would not speak to me she said I only had authorization signed by my client. My seller needs to call in and let them know if she wants to participate to receive 3,000 ? I informed her my seller has moved out over 6 months ago is this not HAFA? No she stated they can still get this money even if they have moved out?? My sellers speaks no English which makes things harder. Now we are waiting for forms she will mail out to the seller. Forms have to be faxed back to her before 1st file in equator can be canceled out and new  file initiated. THIS IS WHEN I GET TO UPLOAD MY OFFER FINALLY!!!  YES IT IS FRUSTRATING.
  • Becky Martin August 15, 2011 at 9:50am
    Yes, I have had this happen numerous times, BOA transferring files after HAFA is declined and having to start all over....very time consuming and be careful on entering the name of your buyer - I had a buyer use Ricky on the purchase contract then Rick on the estimated HUD and preapproval letter, BOA declined supporting documents  and said if the name was not changed on the estimated HUD and preapproval to Ricky  then the file would have to be declined out and start all over entering the buyer name as Rick and replace the contract pages that had Ricky on them!!!  So annoying!
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