The Short Sale Department door knocking! Supporting my team by farming for short sales!!!!

Have you opened your recent Short Sale Equator Update from BOFA? If not read what short sales CANNOT be initiated by the sellers Realtor.

Short Sale Agent Update July 8, 2013 Starting late June, new Federal Housing Administration (FHA) and United States Department of Agriculture (USDA) short sale properties will be processed using the Equator system.  The transition to Equator will happen for eligible short sale files. After the short sale file is assigned to a short sale specialist, the Bank will contact homeowners and real estate professionals affected by this transition. If you have an FHA or USDA short sale transaction that is already in progress, continue to work with your assigned short sale specialist. Therefore, you will not be able to transfer the file that is currently in process over to the Equator processing system. FHA and USDA short sale files are handled differently than other short sales.  The use of Equator does not change the way FHA and USDA short sales are initiated. Only homeowners can initiate an FHA or USDA short sale by working with their assigned Customer Relationship Manager (CRM).  Real estate professionals who try to initiate short sale loans for FHA and USDA loans will receive an error message. Per HUD guidelines, homeowners may need to be evaluated for retention options before pursuing a short sale.  If the homeowners have not yet been reviewed for retention options, they may need to complete that process.  Homeowner's that are already working with a real estate professional can notify their short sale specialist and submit the Third-Party Authorization Form.  This will allow the agent to access Equator for assisting with the file. Real estate professionals should coordinate with the homeowners to contact their CRM to initiate an FHA or USDA short sale.  If the homeowners do not have an assigned CRM, the homeowners should call 1.800.669.6650 to discuss their options. The FHA or USDA short sale specialist will work with the homeowner to collect financial documents and issue the Approval to Participate (ATP).  After the Bank receives the ATP within the required seven days, the Bank will enable the real estate professional to work the file, just like any other file in Equator. Note:  Do not list the property or submit any offers until the homeowner has received the Approval to Participate (ATP). For additional FHA materials and educational guides on using Equator, please go to the Agent Resource Center under the programs tab.

Independent Foreclosure Review Payment Agreement

On one of my files for BOFA the seller received a $300.00 check and we are just days from getting the approval. Want to know why this happened? 

Read this article.

Independent Foreclosure Review Payment Agreement

Payments to Eligible Borrowers Begin April 12
Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage servicers.
The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
The payments will range from $300 to $125,000. Additional details about these payments can be found in the IFR Payment Agreement Details. Checks will be sent in several waves beginning with 1.4 million checks on April 12. The final wave is expected in mid-July 2013. More than 90 percent of the total payments to borrowers at those 11 servicers are expected to have been sent by the end of April. Information about payments to borrowers whose mortgages were serviced by Morgan Stanley and Goldman Sachs will be published by the Federal Reserve Board soon.

Rust is sending all payments and correspondence regarding the foreclosure agreement at the direction of the OCC and the Federal Reserve.

Borrowers can call Rust at 1-888-952-9105 to update their contact information or to verify that they are covered by the agreement.  Information provided to Rust will only be used for purposes related to the agreement.  Borrowers should beware of scams and anyone asking them to call a different number or to pay a fee to receive payment under the agreement.

Accepting a payment will not prevent borrowers from taking any action they may wish to pursue related to their foreclosure.

How To Sell HUD Homes Event

How To Sell HUD Homes

                   by Tina Marie Estrada, with The Omni Group

Also,

>Simplifying 203K Loans

by Darrell Gipson, with GOTMORTGAGE

>Q&A with HUD Inspector

by Harold Adams, CA

>Making Your Short Sales Easier

                   by Elizabeth Wojtaszek, The Short Sale Department

>Closing HUD Escrows and Short Sales

by Lisa Day/RJ Burke Tiempo Escrow II

FREE FOOD DRINKS and Wine Tasting

Sponsored by

Gotmortgage, Tiempo Escrow II, The Short Sale Department

and Train Your Smart Phone

Date: March 22^nd 4-6pm

Location: Total Wine and More

16272 Beach Blvd
         Huntington Beach, CA 92647
   (714) 861-4047

Please R.S.V.P to dantej@te2corp.com

ATTENTION: Keller Williams Agents, Team Leaders, Coaches, Commercial and Residential

As a member and part of the committee for NAHREP-OC we are hosting an AGENT BOOTCAMP in April and I am wanting for KELLER WILLIAMS to participate with our non profit organization to teach and explain what makes Keller Williams the #1 Real Estate Company? What does KW have that no other real estate company has? 

This would be a great way to recruit and meet agents looking to change and be with a great company. 

Please contact me for details: 1shortsaledirector@gmail.com

-The Short Sale Department

BOFA using DTS to pre-screen short sales for them...Get In The Know

Attention Realtors BOFA has decided to use a 3rd party company to pre-screen their short sales. This allows the realtor to register and through an agent portal allow them to upload their short sale listing to get screened by the various short sale programs that BOFA is offering.

You can count on the following when registered for the service:

·                Higher close rates

·                Up-Front Valuations (prior to offers) and other qualification factors to avoid surprises

·                Faster closings

·                Technology that provides real-time access to the progress of each file

·                Proactive communication with a dedicated Account team

·                Better outcomes for eligible homeowners

·                No fees paid by the agent, the homeowner or the buyer

·                Receive full commission

·                Account ownership system, specific associate assigned to each file, continuously monitors and clears tasks in the Equator

·                Preapproved listing price without an offer

For your client:

- Relocation incentive of at least $2,500.00 (can be between $5,000.00 and $30,000.00)

- Deficiency forgiveness

To get more information email me at: 1shortsaledirector@gmail.com

-The Short Sale Department

Listing the Short Sale with BOFA as the lender

Bank of America recently came out with this reminder. When listing the home on the MLS make sure you do it correctly. Below is the memorandum that BOFA sent out this week.
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In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing Service (MLS). The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined. The following actions can help prevent processing delays and/or file declines. List the property on the MLS and include all basic property detail, including:   Number of beds/baths, square footage, lot size, year built, location, interior features, etc. All known property information used to market the property to prospective buyers. Alternative language such as "unknown" or "unavailable" should be used - instead of leaving fields blank - when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).    Ensure the MLS remarks and/or comments do not reflect unacceptable language such as:   "Do not disturb homeowner, property not available for viewing" "Bank has already approved the short sale" "Cash offers only" "Preapproval through listing agent lender only"   Ensure the listing status is current and active on the MLSuntil a short sale approval letter is issued Per investor guidelines, additional documents may be required and will be communicated, as applicable, by the Short Sale Specialist.