I am representing the buyer, The seller is short on the second only. We had short sale approval on the second, We needed an extension to close. The second then ordered a full appraisal. It was done 1 week ago, We do not have the extension. B of A confirmed receipt of appraisal 2 days after appraisal complete. This past Sat, the listing agent was informed by the seller that she received a letter from
B of A reading:
"You are approved for a full principal forgiveness of your Home Equity Account."
Does this mean we are now clear to close or are we looking at additional delays? Thanks!
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Yvonne,
Had a similar situation with BOA HELOC as 2nd. Even though BOA sent the letter saying the debt was forgiven, it took BOA 4 months and several escalations to file the release of the lien.
The 1st lien would not accept the BOA letter to homeowner as proof of lien release and required that we give them the actual filing of release information.
You may want to start now with a BOA Twitter escalation to find out if and when the release has been or will be filed and don't accept no for an answer.
Thanks for you help Toni!
Yvonne,
Sorry, I missed the part about you representing the "buyer."
You should ask the listing agent to escalate to BOA to get proof of the lien release.
T
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