Started one on Equator first part of December. Seemed plausible. Then went to HELD status.

Called in several times in regards to HELD status.....Customer service reps kept saying all looks good, yes we have everything, negotiator is working on it....

NOD had been filed unknown to me when I took the listing. Nothing showed up in Foreclosure Radar. Title company did not see anything. (Seller forgot to tell me the letter came in after I put on MLS) OOPS!

In…

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Short Sale, Bank of America and the Squeaky Wheel

When I was a child I always heard "The squeaky wheel gets the grease" and today..I was the Squeaky Wheel. I have been working on a Short sale since November 16th. The sellers paid top dollar for the house $425,000 in 2005 and put $40,000 down.

In June my sellers had a 40% reduction in pay and the other was laid off. No question about the…

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As a Broker of record I am seeing more agents doing individual negotiations for their sellers. They are attempting to collect an extra 1% and more for the extra time it takes. First question, liability speaking, shouldn't they have a signed addendun signed by buyer and seller what the extra fee is for and second question, isn't that considering commission income, third question, until the bank actually signs off and executes this agreement, should a deposit be put into an escrow account. Thanks… Continue

Just wondering if anyone has dealt with CCO Mortgage (RBS Citizens Bank). I am trying to send emails to the corporate officers but no luck.

I have a client with a 2nd lien. CCO has agreed to approve the SS for $5,000 but has told me that they will not state in writing to waive deficiency rights. The approval letter of course is very vague. Any help is appreciated.

Todd Stearman

I saw the title of the Equator group....."muddling through the process" is certainly accurate. I have an offer long overdue to get approval or a response from B of A and as always seems to be the case with B of A, they seem to want to do everything to sabotage the deal. I thought Equator was supposed to solve their internal confusion and all it seems to do is make it worse. B of A is the 2nd on this one and we have now had approval from the 1st for over a month and it's due to expire soon. I…

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Anyone have experience trying to get FHA to allow buyer contribution to the 2nd lender ? In this case the 1st lender is paying a 3% buyers credit toward the closing costs -and allowing the buyer to come to closing with an equal amount toward the 2nd, but buyer's agent is worried their client's FHA loan regs. won't allow the contribution on the HUD, even though they get it back...Any input is greatly appreciated !!

Does this mean we are getting close to an approval? Is it still in negotiation? I'm confused, any help would be great....

Can anyone answer a question about a short sale which was appoved 2/1/2010? We have B of A approval expires on 3/7/2010, Sunday and the approval letter states B of A must approve the final HUD, the listing agent had been told to upload it to the Equator site, which was done last Tuesday 3/2/2010. At this point no one has reviewed the HUD, a closer was just assigned according to the Equator Site, buyers lock expired Friday and title and buyers bank are requiring an extension letter on the short… Continue

Hi folks. If you deal with short sales on a regular basis then you probably know by now that most of the major lenders are now requiring the transaction to be

processed through the Equator

system. …

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I have two short sale listings where the mortgage company is Everhome Mortgage. They are requiring that I go through National Quick Sale for the actual short sale processing. The problem is that National Quick Sale wants up front money, one percent of the sale price plus another $250 processing fee for the "right" to do business with them even though I don't want to do business with them. They say the seller cannot pay the fees and that they must be listed on the HUD as coming out of my… Continue

Working wonders with short sales, Janet and I have a short sale where the second lean holder wants a $25,000.00 promissory note; which the seller can’t come up with. The second has PMI which adds to the challenge. Normally a seller who elects to sell short doesn’t have the capital to make the payment and is trying to do the right thing by using the short sale option and not…

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