Comment

Comment by Pattilynn Guilford on July 11, 2012 at 6:54am

oh Julia - thank you very much :)

Comment by Julia Huntsman, 562-896-2609 on July 11, 2012 at 6:51am

I did exactly that with a file that was sent to REDC.  After numerous phone calls from the seller and myself (with seller present), we were instructed to submit a seller-signed letter with that request to withdraw the file from REDC.  The file was then sent back to BofA and later re-assigned to LRC--this was BEFORE obtaining an accepted offer.

Comment by Pattilynn Guilford on July 11, 2012 at 6:47am

Can a seller call B of A and request their file be returned to B of A? Can they request it be assigned to LRC or DTS?

Comment by Julia Huntsman, 562-896-2609 on July 11, 2012 at 6:45am

Thom, thanks for shedding the light on REDC and Auction.com.  I think this information on this relationship should be spread far and wide.

Comment by Pattilynn Guilford on July 11, 2012 at 6:42am

Thank you for this @Thom :)

Comment by Thom Colby CA Brkr 888-391-5245 on July 11, 2012 at 6:40am

REDC and Auction.com are one and the same.  They had a long standing relationship with Countrywide which has continued into BofA.  REDC - AUCTION.com License

Comment by Pattilynn Guilford on July 11, 2012 at 6:22am

@smitty - i have a new listing, seller has not even been late but she called about a loan mod last week before listing. B of A sent her file to REDC who initiated it, called her, locked me out of E.

REDC has partnered with auction.com - wonder why? and why is it so hard to get a SS approved with them?

Comment by Pattilynn Guilford on July 11, 2012 at 6:14am

its all about dotting the t and crossing the i nowadays due to the settlement act. 

Short sales are only going to get more detailed and complicated - we can count on that. I'm uploading everything before they ask and then saying - Its in the library. Its overkill but at least the file can be pushed instead of waiting for them to say who what where and when.

Comment by Suki Sung on July 11, 2012 at 5:56am

I am so stressed out !!!  This is such a mess up system and I am beginning to think that they really don't want to these deals to close.Seriously !  

Yes! So much for streaming and improving system !

I’ve gathered and uploaded all the documents that they’ve ever asked for, then,

They left the massage and closed my files After 3 months!.

Without complaining, I initiated again and I ‘ve heard nothing for weeks.

Then now I got a email saying:

On the Purchase Contract, on the last page, please have seller's printed name beneath the signatures. Please complete the corrections accurately and upload the documents by Wednesday 3:00 pm EST or else the file may close

Yes. I will upload it again. But, I  almost feel like I am a beggar on the somebody's door now and I don't like this feeling.

Comment by Michael Schneider on July 11, 2012 at 4:52am

@Smitty  "Appraisal prior to Offer" is definitely a mixed-bag.  In the case of an FHA, it is a potential deal-killer.  And I agree, it should be avoided, even at the cost of having less favorable net-proceeds tiers.  But, that is because of the way the FHA implements PFSP, more that appraising prior to offer.  If the Servicer understands the sales process and is motivated by maximizing recovery value, then a "prior appraisal" need not prevent the sale close to FMV and resolution of the debt.  It's all in the implementation of the process.

After all, more information should be a good thing, not a bad thing.  Right?  Unless you become fixated on bad information, as the FHA does, because they choose not to see the difference.

I've done I think four BofA co-op short sales, and in each case we have arrived at a good ending.  My experience only, and very limited, understood, but so far, I have not found that the prior appraisal in the BofA Co-Op program hinders the sale and resolution of the debt.

I would hope that this is because BofA, (as the largest Servicer of FHA loans?) has insight into how terrible for sellers the FHA implementation of PFSP is, and optimistically I'm thinking that they may have learned from this?

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