"Why are they called Trial Mods then? All BofA has to do is complete their file and document that they tried, whether they did or did not. Something as simple as saying that the Borrower did not return the signed permanent mod docs, for…"
"Didn't B of A enter into a settlement agreement for offer trial mods and then after the trial not making them permanent. Essentially the settlement agreement said after the trial they were obligated to make the mod permanent as the evaluation…"
"A client of ours just received a modification with a large principle forgiveness as well. Their property has been in foreclosure for years and tied up through a ch 13 Bankruptcy.
"First, I would probably try to verify this for the seller by calling both the short sale negotiator and the individual who is offering the loan modification. I don't see B of A being responsible for any fees but Kevin is correct, the seller…"
"I think this could bee a trap. BofA has a very bad habit of offering trial modifications and then pulling the plug after and finding a reason to decline the permanent modification. Working with a seller for 3 years now who keeps getting…"
"This has been going on with BofA for years. The loan mod department and short sale department do not know what the other side is doing. My experience with BofA on these loan mod options is that after 3 months there is a 50/50 chance of a permanent…"
Had a borrower who was in foreclosure for 5 years..attempted loan mod years ago. We started a short sale 3 months ago, received approval letter last week, ready to close next week, seller receives a letter from BOA offering him a $250,000.00…See More
"Not yet, they said they mailed out a payoff and we have to wait til it arrives. The problem obviously being that what we have been told repeatedly is that there is no negotiation but we will attempt regardless. The sellers do not have anything to…"
"Ok thats more information. Has anyone proposed a settlement to CHASE? Because what they now have is a unsecured debt. So if they have released their lien then go ahead an close the sale. Chase is out of the picture "
"Chase has refused to process this as a short sale. The daughter wants to do the short sale, what she doesn't want is the bankruptcy. Chase released the lien so that means that according to them they cannot do the short sale. We can go ahead and…"
"What I am interpreting is that the concern of the daughter is the affect on her credit if CHASE agrees to short sale. And you are saying CHASE will require a full payoff to show Paid in Full on her credit First, was this submitted as a HAFA…"
Guys any insight would be appreciated for this issue. Basically sellers have 2 liens, 1st SPS who approved the short sale taking a huge hit and 2nd Chase who discharged the mortgage and is now demanding to be paid off or it stays on the seller's…See More
REGrow, LLC and www.ShortSaleSuperstars.com does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.