Comment

Comment by Kevin - Greenville, SC on March 19, 2012 at 6:35pm

Suki,  What type of loan is the 2nd?  A straight 2nd or is it a Home Equity?

Comment by Christy Brock on March 19, 2012 at 10:47am

@ Suki  you only need to deal with the 2nd.  The 1st will not talk to you.  Will Equator let you enter the loan number for the 2nd mortgage to create a file?  If so, then you can use Equator to work the transaction.  If not, then you have to do it the old fashion way.  Either way, don't bother with the 1st because it is a regular sale for them.

Comment by Suki Sung on March 19, 2012 at 10:21am

First and Second mortgages are with BOA.

Comment by Christy Brock on March 19, 2012 at 10:08am

@ Suki - This is not a short sale for the 1st.  Don't bother using Equator.  You only need to send a package to the 2nd offering them what ever is left over after costs.  You said there is $30k after the 1st is paid.  Did you order a payoff statement?  Get a statement and then send the 2nd a package and HUD showing the remaining amount to them.

This transaction is NOT HAFA eligible.

Comment by Suki Sung on March 19, 2012 at 9:39am

Hello, Everyone !

I'm working on my very first BOA short sale through Equator system.After several agent refused to take this listing because had second

Initiated on 1/31,After my seller made a call to BOA short sale dept,They led us to believe that We may be eligible for HAFA. sale.After solve that Illegible Authorization Document problem,We had BPO agent visit us around 3 weeks(still no words), Then 3/1, We got a notice demanding upload an offer within 3 days! After 4th day,Then They closed our file. We finally got an offer on 8th, After few ugly and upset phone call,I was allow to uploaded our contract and offer packages,Then, Guess what ! We got another letter last night at 11:00pm

<Your Offer Supporting Documents are rejected. Reject Reason: Agent identified is not assigned in the system> with Green color (-7) Then I woke up this morning (-6) It almost as somebody's playing game with me.

We have an offer $30,000 above the first mortgage. Seller's doing everything they can to help sell this property (Even I told him Foreclosure date haven't been set).

I work so hard to remove third party lien(s) and still trying to get a back up offer. !

But you know, It's pretty sad and upsetting because,

I don't really think anybody cares.

Comment by Catherine Gheen on March 15, 2012 at 7:16pm

Thank you.  You must be up really late to respond at this hour?

Geez I bet most of this group is up until the wee hours!

Comment by Kevin - Greenville, SC on March 15, 2012 at 6:43pm

Catherine,

Contact The National Servicing Center at HUD if they have taken longer than the Guidelines state.

J. Contract Approval
The mortgagee will have 5 working days from receipt of an executed Contract for Sale to respond back to the mortgagor using the Form HUD-90051 (Sales Contract Review). The PFS transaction must be an outright sale of the premises.

Comment by Kevin - Greenville, SC on March 15, 2012 at 6:39pm

I love FHA Short Sales...would take them all day and night long compared to a Fannie or Freddie Short Sale... What the issue?

Comment by Catherine Gheen on March 15, 2012 at 6:37pm

I had the same thing happen to my FHA B of A short sale.  These FHA files make the other short sales with B of A seem like a dream.

FHA negotiators are very hard to reach they keep a tight veil around them so you can not reach them, then the files get moved.

For the last month my negotiator said she would approve my file, but she stated I must wait until she can get to it on her desk.  She said she had the power to approve the file, but I had to wait while she was working her way through her phone messages of the previous week?

Then I received an email yesterday saying I might here something in the next 15 days.  The file has already drug on since last summer?????

FHA files are a nightmare.  I wonder if the twitter phenomenon would help with FHA files?

Comment by Becky Martin on March 15, 2012 at 1:35pm

I have two files caught in the file transitions of all BOA FHA files to the Tampa office, these were in AZ and everything was clicking along until the big move two weeks ago.  I have spoken to one of the negotiators and she told me they dumped 250 files on her desk....lucky if she can sift thru them to find ours within 7 business days:(  Tracking down the new negotiator was the first time I encountered a request for the homeowner to call back in a verbally and then fax in a new authorization....crazy, have ATP on both files with offers that meet the net and now this delay

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