Ask a loan processor.

Why does Bank of America take so long to process offers on short sales? I recently bought a house, but before I bought this one I made an offer on one and unfortunately had to withdraw it because BofA can't get it's shit together. The worst part is BofA is only hurting itself in doing so since you have these houses sitting on the market, not moving, when they could at the very least immediately take their loss and move on.

 

well thats the problem, every processor that has loans from green tree right now are fucked.

its not our fault that a company bought our loans and they turned out to be idiots.... but bad things to happen to a company.

just cause green tree has your loan doesnt mean its out fault even though we are the ones that sold it. we sell every single one of our loans mostly to fannie and freddie though.

the regulations for MHA for the ltv was just lifted so you can actually have over a 200% loan to value and still get a loan. i just did a 260%. the appraisal came in at 90k and the borrower owes more than 250k

whens the last time you have tried to do mha? if your ltv was restricting you try it again and see if you qualify now. our regulations from the gov totally just changed.

 

I gotta say, props to you guys. At your age I didn't know shit, I was mainly interested in getting laid or drunk. Good to see some of the younger generation have their shit together.

 

im not sure sorry, im not in the short sale dept. only refinances..:/


and guys alot of the b of a sites have different regulations so some of my answers may not be correct for certain sites.

my site is the chandler campus in arizona.

 

Hmmmm Good to know, I may hit you up later with some questions, I'm thinking on refinancing my Tacoma loan probably within the next year to lower my payments a bit. So far everyone I've talked to says just stick with the payments as I've got 2.9% apr off a new car loan, and I'll get worse interest on a used car loan/refinance.

 

thanks and i have alot of props for b of a because they really are trying to produce good loans, with happy customers. if chase got checked on like b of a does they would be in deep shit too.

im still interested in that stuff haha, but i just know when im at work its work time, when your getting paid you work, when you dont you try not to even talk about it lol.

what do you do?

 

Eric - I know it's not your fault, you just provided an oppurtunity to vent! I've never been late on a bill, and know I'm getting late fees and collection notices thanks to GT. Any chance you have a contact at BoA who could verify an excrow balance at the time of the sale? My escrow schedule from BoA and the new one from GT are over $400 different, and GT wants me to pay additional into the account. By the way - they've blamed BoA for not paying, and they had to catch up late payments. Either way, the money should still be in the account, and there shouldn't be a shortfall...

Mike

 

I'm a retired Firefighter/Paramedic, I NEVER discussed my job off duty. I had to block out the bullshit I saw, some of the stuff haunts me to this day. Now I support the Navy's Atlantic Fleet for Xerox, much less stress and I actually enjoy my days at work.

 

i dont do car loans but i can help with general refinance questions?

hmm, im not sure if there is a way i can pull the payoff for your house without actually having your loan in my pipeline.



actually i might be able to. pm me your loan number first and last name. i MAY need your social so im not sure if you would want to give that out..

let me know.

thats awesome, i plan on closing on a house in a year and a month. ill be 20

 

Sorry to hear that, I married at 23 and divorced at 35. I lost everything plus a majority of my monthly pay to child support. I feel your pain. For several years I lived in the red, but eventually things turned around and I'm better for it.

 

i closed my loan in 22 days and i got a 3.75% - again if anyone needs a loan let me know

 

my loans get done in about 35 days right now for a refinance, purchases are way more streamline because theres more of a deadline.

my oldest loan right now is at 55 days and thats because of outstanding docs from the borrower..

 

My last refi (15 year loan) was done over the phone in less than 30 days, a rep came to my house to sign paperwork. Much better than the "old" days.

 

I used metlife and got lucky, my brother in law used metlife as well. I closed Jan 13th, he was supposed to close Feb 21st, called Metlife to setup the settlement and the guy told him they shut down metlifes homeloans division. I did get 3.99% AND USDA. I'm pretty happy with everything. Had to put no money down and got the seller to cover all my closing costs PLUS 3000 appliance package.

 

They're out there, look around.

My first mortgage in 1981 was 16%.

 

Not to hijack the thread, but i am an astronaut.

If anyone has any questions regarding space travel and riding in spaceships, just ask...

 

I'm in the loan processing biz too. Big bank. Big stack of FUUUUU for loans. I fix em up though. You know, those liar loans that got you the $500k interest only loan with your $42K paying job for the house that is now sitting on a tax value of $500k and a mkt value of $195k - yeah - those and all that smell just like em. I build the systems that get em mod'd. Yes mods, just not like the typical TW mods you think of. Not nearly as fun either, but way damn more expensive! Hopefully someone gets to stay in their house when it's all said and done.

Advice for OP - careful what you say when you throw your business card out there. When you flash the logo and start talking, it can come back to bite if you don't speak the company line. The internet knows all and forgets nothing. Just sayin.

 

Honestly, I hope no one is getting loan mods that didn't make EVERY single payment during their modification period. My father in law attempted to get a loan mod after 2 years of no house payments and was upset they wouldn't roll in his second mortgage and lower his payment. Seriously WTF. You have to prove you can afford the modification, otherwise you're in the same boat, and just wasted peoples time who CAN afford the modification.

 

The complexity involved is mind blowing. So many rules to follow, investors to appease, specific "relief acts", etc. There's just nothing simple about it. And when you get it figured out, then it changes a week later. Some get nice deals. Others get room to breath. Others get nothing.

 

thats how i do it, all over the phone and we have a mobile notary that comes to you.

good luck, the best i have ever seen i think was a 3.5 rate. and i have only seen one in my life. 3.75s are more likely.

thats what my teacher told me back in HS. thats INSANE!!

yeah i have heard some bad stuff about loan mods but know nothing about them lol

thanks for the advice, noted

i cant even begin to explain how true this is..