I am representing Buyers in short sale w 2 loans. Chase holds 1st, BofA the 2nd. Have sale approval letters. Prelim shows seller has abstract of judgement recorded. Agent tells me it was from SBA loan to his L.L.C.. Was supposed to have been dismissed from seller bankruptcy. Pre shows recorded against L.L.C. and Seller. Chase has foreclosure date set at 12/5/12. My buyers ready to close but BofA will not release judgement.
Am I correct if Chase forecloses the judgement recorded against home wiped out?
Seller vacated and moved out of state.
Is this really going to be foreclosed? Title and list agent been working diligently for removal for almost 4 weeks. They are trying to talk to someone at BofA with a brain, and trying to extend sale date.
Looking for a name/number I can give title & agent.
Thanks.
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Hi Michael, try sue.reeves@bankofamerica.com, she should get someone for you.
Karen Curtis
435-729-9192
Judgements don't get wiped out from foreclosure. Judgements follow a persons name. They also aren't removed from BK unless they are named in the BK. You will want to work closely with the title company to be sure it is the correct person as they pull the judgements by name and can remove them if enough information is provided such as the BK discharge paperwork.
I have not done this for a year and things change in this SS mess, however, several times, I have called the bank's foreclosing atty with something like the homeowner needs 3 more weeks to XYZ, it would be really helpful if we had that time - when is the sale? I was surprised at how the atty just happens to move it to the next month. Often, the person will come back on on the line and tell me it is 1/5/13 (instead of 12/5/12).
The other thing is that until the redemption period is over, you can continue a short sale or whatever, so you have that amount of time, also.
in reality there is NO MI. there are all BOFA portfolio loans(BOFA owns them) and they claim they are lender paid, but even lender paid it must be disclosed to the borrower at the time of the origination since it does effect the over all pays of the loan over time. This is just one of the tricks in the bag by BOFA to get alot more money on 2nd that the own and they usually dont play around on them.....
the Mi companies don't have any paper work with them and only based on relationships they will cover BOFA if and so comes down to push to make it look like there is actual insurance on these loans.
I have had a few with BOFA and have gone up as far to the MI company to realize that no insurance ever existed and BOFA was just pushing to make more money and that all it comes down to..
if you ever get here, just be sure to get ready to cough up alot more money to close the deal, if your sellers are NOT distressed, be sure to educate them BOFA wants every penny on their second loans and will NOT play ball.
HERE IS SOME INFORMATION FROM SOME EARLIER POST. TWITTER WILL GET RESULTS.
http://shortsalesuperstars.com/group/bankofamericashortsales