Fannie 1st (BOA servicing) and US Bank 2nd - Plan of Attack Help Needed

Hey everyone, first post here.  

Brief background:

I am trying to purchase a vacant unit in my building, currently in year 3 of foreclosure process where the mortgagee is deceased and there is no estate.  BOA is servicing the 1st lien and US bank has a junior lien.  

I have a contract, MLS listing, 3rd party authorization, death cert, letters of office, pre-approval.

Should I first contact US Bank and ask them to approve a partial payoff (Fannie limits to 6%, right?) of 6% and then initiate a short sale with BOA?  Or, do I initiate it with BOA first, and they will offer US Bank to maximum their investor will allow, 6%?  Or, do I do both at the same time, and hope US Bank approves and then continue on with BOA?  

I am trying to figure the best steps to follow in the appropriate order to ensure a successful attempt at this.

Any initial advice is greatly appreciated!

Thanks! 

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Permalink Reply by Matt on March 12, 2012 at 7:25am

Thanks for the responses!  I'll have my agent prepare a HUD to send to US Bank for 6%, which is less than 6K.  Are there any examples out there that we can use to prepare the HUD correctly for this, or should it be filled out as any other HUD?

Permalink Reply by Matt on March 12, 2012 at 7:48am

Does the HUD have to include both BOA and US Bank on it, or do I just send a prelim HUD to US Bank with just the offer to them on it?  

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