Posted by Dawn Barrier on December 17, 2009 at 12:00pm
Ok, I have to give credit to Robin Rowland for tipping me off to this originally. I made a few calls and here is what I've found out.....Bank of America has contracted withREDCto process their Fannie Mae Short Sales using the REOtrans/Equator portal.They also will be working some of Wells Fargo short sales, Metlife short sales and GMAC short sales as well.The idea is to help speed the process up, but hey we all now how that is!There will be an additional 12 page welcome package to fill out and have sellers sign...UGH more paperwork! But hey if it moves a Bank of America Short Sale down to 60 days WHOA HOO!!I wouldn't count on that just yet, but maybe they can prove me wrong. This is a case where I would love to have them prove me wrong! LOL!Oh, and it is supposed to get even better for the seller .....Debt to be considered Paid or Settled with the Deficiency FORGIVEN!!I can't wait to see one of the Short Sale Approval letters to see if it is true.They are only doing Fannie Mae and they have to be assigned from the bank. They have a way to check your loan to see if they can request it go thru them.They are only processing Nevada Short Sales, Arizona Short Sales, California Short Sales and Florida Short Sales that are Fannie Mae.
That is what I thought Welsfargo will be doing there own and that is lot of the work Titanium is doing. Will Excellen be hooked up with a lot of lenders/? Does anyone know the Banks there going to be working with?
There are a lot of questions we need the answers to so we all understand what is going on. Another question are there any people from Titanium and Excellen that are monitoring our questions by using this site? Has anyone thought everything were talking about is going back to the home base.
The system works good when you get connected with the asset maagers and banks. That has been the problem this year. I talked with a lot of REO AGENTS in Michigan they said the banks are holding back on inventory. They have it there just sitting on it. There should be something coming down the line soon. Unless they become rental properties held by the Bank. That makes no since
I'm working on my first one on REOtrans portal. So far so good! It is now at valuation stage. My last one with BofA took 6 months from start to finish. Hopefully, this will go a lot faster.
Just reading the crystal ball I can see problems next year and it is going to come from a move to Short Sales. Can the Banks name the Realtor that does the short sale? This could put attorneys to work for years in court over "AGENCY". Not to mention what NAR and their attorneys will have to say about it. The Bank is not a principle until such time they are the sole holder of the deed. We as agents all want to get on that band wagon with a steady stream of business from the banks but our Client as a listing agent in a Short Sale is not the bank. Who is going to pay for these Uploads and the services that are provided. Banks are like asset managers in fact they are, they don't want to pay for anything. If they assign the Realtor to the trasaction they will want the money from them, Right? Whats the Opinion on this?
But the Banks have a duty to there investors to minimize loss. This is a circle of finger pointing that will never end. The problem is just getting bigger. I read today in the L.A. times that very close to 13% of the Mortgages in the U.S. are 60 days in the ditch, and Small business is getting hit harder and harder with a lack of credit. Two days ago I read in Ariz the number of homes with negative equity is over 55%. This is adding up to a disaster. Soon they will have to find a new way to factor in or Factor out Credit Scores and start making human decisions instead of FICO Score Models. This type of thing was never factored into a FICO MODEL. This is turning into a natural disaster created by a credit storm.... Hold the faith and pass the ammo... happy holidays.
Paula,
Mine was 3 months along when I was told go to REOtrans/equator to initiate it....you should call BOFA SS Dept & ck if you should use reotrans or just go there and try to initiate..you may want to know what phase you are in, etc make an informed choice --I know another agent using reotrans for ss got a quicker approval than just waiting on BOFA, but I'm sure it will depend on each file
I have been with REO Trans for the last four years. It worked out until I moved to Athens Georgia updated profile bought into there update program. Not one REO or lead from Them for the last seven months. You have to pay FOR ZIP CODES AND THEY WON'T EVEN LET YOU KNOW HOW MANY LISTING IN YOUR area. I'm still connected with reotran/equator hope something happens soon. Please let me know if there is a way to make that system produce. How many listing do they have in Georgia?
Comments
There are a lot of questions we need the answers to so we all understand what is going on. Another question are there any people from Titanium and Excellen that are monitoring our questions by using this site? Has anyone thought everything were talking about is going back to the home base.
But the Banks have a duty to there investors to minimize loss. This is a circle of finger pointing that will never end. The problem is just getting bigger. I read today in the L.A. times that very close to 13% of the Mortgages in the U.S. are 60 days in the ditch, and Small business is getting hit harder and harder with a lack of credit. Two days ago I read in Ariz the number of homes with negative equity is over 55%. This is adding up to a disaster. Soon they will have to find a new way to factor in or Factor out Credit Scores and start making human decisions instead of FICO Score Models. This type of thing was never factored into a FICO MODEL. This is turning into a natural disaster created by a credit storm.... Hold the faith and pass the ammo... happy holidays.
Mine was 3 months along when I was told go to REOtrans/equator to initiate it....you should call BOFA SS Dept & ck if you should use reotrans or just go there and try to initiate..you may want to know what phase you are in, etc make an informed choice --I know another agent using reotrans for ss got a quicker approval than just waiting on BOFA, but I'm sure it will depend on each file