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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