Comment

Comment by Lisa Helweg on July 24, 2012 at 10:53am

During the Webinar Stephanie answered the question, "What can agents do to make the process go faster".  I agree that complete, accurate and timely documents are paramount to the process.  However, I would have liked for Stephanie to also answer the question, "What is Bank of America doing to make the process go faster."

Comment by Kevin - Greenville, SC on July 24, 2012 at 10:46am

Patsy,  According to the Mortgage Settlement the new Sevicer is suppose to abide by the terms of the Short Sale Approval.  Although your client may not receive any incentive Bank of America has offered for the Cooperative Sale.

Comment by Patsy Clevenger on July 24, 2012 at 10:43am

Has anyone ran into this situation during a cooperative short sale??? COOP short sale approved in escrow closing on Friday.  Go to up load the final HUD for approval yesterday to find out the loan has been sold to SPS.  Need help or contact for help. Already escalated through Twitter.

Comment by Evelyn Santiago on July 24, 2012 at 10:39am

Yes, its BOA that makes it difficult and then blames FHA workers that they supervise but have no control over. At least that was one of the many explanations I have been given by employees when I have escalated the 3 FHA SS files I have with them.

So what is the explanation for being in Phase 2 and out of nowhere "missing some essential documents". You have no clue how many people have reviewed the file to make sure all documents were in order and how many times financials were updated only to have this Phase 2 negotiator tell me documents that were sent with the short sale package 2.5 months ago are suddenly "missing". Insanity is just the beginning....

Comment by Kevin - Greenville, SC on July 24, 2012 at 10:18am

I disagree.  I love FHA PFS.  It's Bank of America who has made the process cumbersome, not FHA.

Comment by Michael Schneider on July 24, 2012 at 10:15am

They have come a long way, since 4Q09.  But, those were dark days.  On FHAs they seem to have moved backwards.  And, the FHA has made the program more burdensome, not less.  (eg, Requiring a letter from sellers to pay various fees)

My favorite today is: Water meters are read the day before closing, but the FHA requires a written bill five days prior.  Estimated bills are not acceptable.  Are they really that clueless on closings?

PFSP makes HAFA look good, which is an accomplishment!

Comment by Sylvia Barry on July 24, 2012 at 10:13am

Yes, I have to agree with Jimena - BofA has come a long way, and I had some very helpful negotiators.  They move fast when we move fast.

Sylvia

Comment by Pam Graham on July 24, 2012 at 10:11am

That's what I was thinking that it would be better to wait for an offer because of that 120 day timeline and a higher appraisal. Thanks Wendy!

Comment by Seth Russell on July 24, 2012 at 10:10am

We are dealing with this same issue- I would recommend you follow guidelines as presented- work to get the ATP first-their appraisal sets your

listing price. Also, not all sellers fall into their box of checklist items..when necessary you should pursue a 'variance' on the program requirements..you might have to go to FHA directly for this if the servicer wont allow your client to participate.

Comment by Wendy Rulnick on July 24, 2012 at 10:06am

If you initiate it first, Pam, you are stuck with their price and timeline. My thoughts are, get it listed and sold at fair market when your seller wants to sell. Chances are it will be approved. Know the FHA criteria. Seller can only not live in the house due to hardship, etc.

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