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Permalink Reply by Terry L. Osburn on March 16, 2010 at 5:12am

This is a very complex situation. I just lost one yesterday due to Investor. Investor will make more money off the government bail out......What I nailed them on was the fact they knew in December that the investor would not entertain our offer. Instead of letting us know up front they chose to drag this out for several months.
I did complain to the Office of the President at BofA yesterday in re: to this.
There are different levels of investor control. Depending on how these loans were bundled up and the number of various investors involved as well as if there is any PMI complicates things greatly.
There are some loans BofA can make decisions themselves without the investor authorization, other loans require various levels of authorization from the investor and some are entirely dependent on investor authorization.
The Equator system in actuality has worked for those loans that are less complicated and where the servicer(BofA) has more control.
Nonetheless I believe that BofA and/or any other lender needs to let the listing agents know up front if there is PMI, the level of investor involvement, and whether the investor has stated a minimum amount they will entertain.......by knowing this will greatly guide the listing agent and the borrower as to whether a short sale is feasible and the amount the investor is demanding will be aligned with todays market value.
What I found very interesting is that the first negotiator could not answer me back or respond to any of emails on Equator.
Never returned my phone calls. His manager never returned calls as well.
I bring in the office of the president who assigns another negotiator, who really did try to help, and she was able to send me communications via Equator.
Communication to me is the biggest fallacy in dealing the lenders. Or should I say lack of..........