Hello Everyone, I want to know if someone can help me.
Am working a short sale with Wells Fargo but the House have a home equity line with Bank of America for the amount of 100,000.00 but the borrower only ows 30,000.00 to bank of america. Wells Fargo want a letter from bank of america saying that bank of america is a second lien holder and wells fargo the first but bank of america wants to open a short sale for the home equity line they don't want to negotiate the lien as a second lien holder.
Is anyone out there that can help me with this situation.
Thank you in advance.
Yes, this is exactly the story. they want to make a short sale too.
Thanks for the information.
Who is actually recorded on title in first lien position? What are the balances owed to Wells and BOA (roughly) and how much is the home selling for?
Brett is correct, I'd have title pulled. Looks like you just need to do a short sale with B of A and you can wrap this one up!!!