All Forum Posts by: Justin H.

:( I would have loved to get in on this! I'll be watching for another conference call with BofA!!

Loans serviced by a participating bank and/or invested or guaranteed by FNM, FM are required to participate in MHA.
(http://www.makinghomeaffordable.gov/borrower-faqs.html#3)

It seems though program particiaption may be required, all the program requires is for the bank to consider the borrower for each MHA program (HARP, HAMP, HAFA) but it is up to their discretion to have the borrower processed through that program.

Be prepared for a third BPO if there is more than a 10% difference between the two BPOs! I had that happen to me recently.

Also, if this is an FHA loan or is invested or guaranteed by FNM, FM or JM, they will issue an ATP (approval to participate) based solely on the BPO/appraisal and require a net of 88% of the appraisal price. Period. They will let it go to auction before they take less than that. I've been through this with Wells Fargo and Bank of America.

The purchase contract is between you and the seller, not the bank. You can always sign a new contract before the bank approves one but be prepared to add more time to your waiting period and expect them to have a problem with it.

Were these problems identified in the appraisal or BPO Bank of America did for the property? If not, you can renegotiate and request a new BPO on those grounds. Usually the seller can't afford to make repairs (that's why they are doing a short sale - they are in a financial difficult spot) and you can bet the banks won't do the work either.

I've recently experienced a credit union willing to give HELOC on a house seemingly based on my word and a quick glance at a neighborhood, while skipping appraisal or BPO and ignoring county tax value. Unfortunately, they don't offer business services so I can't use them for flipping properties but has this been anyone's experience with any smaller banks/credit unions? It would be an easy way to get the money to finance repairs to a property but I can't imagine many banks do it.

He's still ignoring calls and emails and seems to be very two-faced. Tells the homeowner it's all over unless he can work with the realtor and then updates the file saying he just needs a couple forms (I'm aware and working on it). I'm considering trying to contact his supervisor to see if we can get a new negotiator. Opinions? I'm working another short sale with the same bank and have good rep with her, can I ask if she can do anything?

There's a short sale I'm working and the negotiator is the biggest PITB that I've ever experienced. Seems like he's going out of his was to shut it down. When I talk with him, he says he's just waiting on a couple things to get back to him, then he calls the homeowner and says unless he gets authorization to speak with the realtor instead of me then he won't continue. I'm really not aware of anything that I've done wrong at all and I've been nothing but polite. He also told the homeowner there's a conflict of interest because I'm buying the property and negotiating it. Then he said I have no idea what I'm doing, blah blah blah. I've tried to call him but he avoids the calls and doesn't reply to emails and doesn't call back. I have no IDEA what the problem is here, I haven't had the problem with anyone else. Typically, people are actually impressed

Is this really a conflict of interest? As far as I know, companies do it all the time. It sounds like he's just being an *** for some reason.

So GSE and non-GSE do have to follow these guidelines?

First page, last paragraph: This Supplemental Directive provides guidance to servicers for adoption and implementation of HAFA for first lien mortgage loans that are not owned or guaranteed by Fannie Mae or Freddie Mac (Non-GSE Mortgages).

I just read through that whole HAMP whitepaper. Some good, some bad, but all points to buying the note rather than the deed. Though I think that's where most of us are stumped. Short sale negotiation and double closing is all over the place and can be understand by searching and reading, though I can't find much about note buying. Anyone care to help me out?

BTW, all the HAMP stuff only applies to non-Fannie Mae or Freddie Mac loans.