The HomePath financing program is a program designed to move REO homes. The benefits of this program include:
- Low down payment and flexible mortgage terms, including fixed-rate & adjustable, at as little as 5%.
- Borrowers with less than perfect credit may qualify
- Available for owner occupied properties, or second home investments
- The down payment of at least 3% can be funded by the borrowers own savings, a gift or grant, or a loan from a non-profit organization, state, local government, or employer.
- No mortgage insurance required
- No appraisal required
Whether you are looking to purchase Pleasanton Real Estate or a home in another city, be sure to consult with your mortgage professional to determine your best options. If you dont have a mortgage professional, contact a Realtor for a referral. For more details on qualifications of this program visit HomePath.
Ah December, the holidays are looming, the end of the year is near, and it sure would be nice for all parties concerned to have a conclusion to this situation before 2010 is upon us. Uh….no such luck however. The bank seems to have taken a vacation too…..
First phone call of the month I am asked by their automated answering system to enter the loan number. I am given a recorded message that “A workout specialist is reviewing the file and the next update will be available on December 28, 2009″ . Really? What happened to the 10-15 working days? What about the negotiator being assigned by December 14th? I pressed the “0″ button to be transferred to an operator and requested the short sale department. I was disconnected.
It was at this point that many things became crystal clear to me. The reps on the other end of the phone ask for my information (same questions each time I call), then they read a script on their computer screen which is everything takes 10-15 business days. At this point we are approaching 60 business days and I feel as if we are right where we started.
I called back and was told by a different rep that a short sale negotiator HAS been assigned. I am not overly excited at this point becuase I have been mislead before and dont beleive anything they are saying now. However, I was given this persons name, but no contact information. I was then advised the negotiator now has 4 WEEKS, or 20 business days to contact me. If I havent heard from the negotiator at the end of 4 weeks, I can call back and request an ‘escalation’. I wonder what that means. Do they actually get out of their chair and go put a sticky note on someones forehead? I guess I will have to wait and see.
November was a very interesting month, and one that really shed some light on the incompetency of the short-sale ‘department’.
First call to verify docs had been received. The rep says it appears they have received the short sale package and purchase agreement and the docs have been uploaded to the system. However the file is still in ‘modification’ status. She will see if she can ‘push it through’ to pending status the the negotiator will be assigned. This takes another 7-10 business days to push through.
7 days later called again for the update. Short sale documents are there but the file is not opened. The file is supposed to automatically open, but for some reason did not. Rep is opening the file manually (whatever that means). It should be activated in 48 hours. Call the bank next week to see if activation is complete. Then it will take another 7-10 business days to be assigned to a negotiator.
7 days later called again for the update, fully prepared to receive the name of our short sale negotiator and get this purchase approved! Was advised that short sales are now all being tracked through an online system. Was given the web address and login instructions. Once I log on and enter the required information, the negotiator will be assigned through the online system. Great, getting closer! …….NOT
After logging on the system with the instructions they provided, I was unable to get into the correct area. Called the bank back to get some assistance. Was told (this same day) that they are not using this system yet. I was also told the short sale is still in ‘modification’ status. It cannot be changed to Pending status until the homeowner calls to cancel the modification and request the short sale. {What? I think they have in house incentives for the reps who can confuse the most customer and cause the longest delays! } I called the seller and advised they needed to communicate with the lender about the short sale status.
The seller called back and said they talked to the bank. Said the modification was cancelled and the short sale option was requested back in August (according to the bank record). So why did the bank tell me it was still in modification status? Called the bank again to make user the status was updated. Was told the file has been assigned to a negotiator!! I was even given the persons name!!! I am so excited, we are finally getting somewhere!!! Transferred to short sale department to get phone number for negotiator.
Well, that excitement was short-lived. The name the previous rep gave me was not the name of the negotiator, it was the name of the person who input the record. This rep does advise the short sale was ‘pushed through’ today (coincedence?), the file has been ‘opened’, and we just need to wait for the negotiator to be assigned. This can take an additional 15 business days. Advised to call back next week.
One more phone call…..Was advised the negotiator was requested on 11/22/09. Negotiator should be assigned by 12/14/09.
So more waiting………………..
Called the bank to report we have an accepted offer on the property. I was transferred to the short-sale department – immediately – just like they said. Well, aside from the zillion questions they ask when they answer the phone; loan number, seller social security number, property address, borrowers names, my name, my company name, contact phone numbers, name of first born child, blood type, grandma’s favorite brownie recipe……you get the idea. Almost immediately……
The short-sale department advised again to place loan number at top of each page of offer & supporting documentation and fax to their ’secret’ number. Allow 10 business days for ‘imaging’ into their system, then call back to verify the status. List of documents to submit are: Purchase agreement & counter offer, estimated HUD-1 (settlement statement), 2 months pay-stubs, 2 months bank statements, pre-approval letter from buyers lender, past 2 years tax returns, and financial hardship letter.
It would have been nice to have this list of required documents prior to talking with the short sale department. That could have saved us another 10 days of document collection. Anyway, the 30 page fax was sent off to the secret fax number and the waiting period began.
So far, so good. Everything going according to plan….
Not much happened between the time the bank was contacted and the day the offer is submitted. Mostly just a period of collecting inforamtion for thefile and collecting financial information from the seller.
September consisted of calling the bank weekly to inquire about status of NOD and the loan balances. Was advised that the lender would need a new financial hardship letter from the seller and recent bank statements. When offer is obtained on the home all documents need to be faxed and loan numbers need to be written at the top of each page. If we receive multiple offers, we must negotiate the offers and only send one to the bank for approval. Again I as advised that I need to call Home Retention with the offer and would be referred to short-sale department instantly. Was also advised that review and approval process could take up to 4 MONTHS!
Yikes…..
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