2nd mortgage involves 3 parties

Ok, I am a little confused.  my short sale basically involves a first and second mortgage.  the second mortgage is in the form of an equity line of credit.  the first mortgage company is covered and not in short.  the second mortgage company is BOA and every 2-4 weeks another party drops in the mix.  after about 1 month with BOA, the paperwork went to the mortgage insurer for approval.  Now it seems the paperwork is going to an Investor for final approval.  I understand the mortgage insurer but not the additional investor.  I thought BOA was the investor, it was already decided that they would get 6k.who is this investor dude?  I am picturing some guy behind a desk smoking a cohiba counting a wad of cash.

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Permalink Reply by Wayne Brooks on March 10, 2014 at 4:23am

B of A is  the Originator/Servicer, not the owner (investor) of the note.  The investor is some pension fund, investment fund, etc.

Permalink Reply by Tom H on March 10, 2014 at 5:29am

so is there any good news that it has gotten this far without someone coming back and changing the price of the house, or is it always the investor that causes the problems and asks for more money?

Permalink Reply by Wayne Brooks on March 10, 2014 at 5:36am

Usually the MI is the problem.  The Investors almost always have to approve.  Since you made it past the MI, you're odds look pretty good.

Permalink Reply by Tom H on March 10, 2014 at 5:55am

Thanks, that makes me feel a lot better.  It is hard to get a straight answer from the Law office handling the short sale because they don't want to promise anything when there are those extreme cases when something happens.  I was just looking for a general feel of how we are doing and you answered my question.  Thank You.

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