Replies to This Discussion

Permalink Reply by Kelly Magreevy on May 21, 2010 at 5:43am

Hi,

What about a heloc that was sold to a collection company after my seller filed bankruptcy last year and now wants to short sale his home?

Permalink Reply by Juan Reyes on May 21, 2010 at 9:04am

When you submit the offer on Equator make sure that you input a payoff to the 2nd lien of $3,000 which is what BOA will approve. Although they will process the SS for both loans, I always make a note that the 2nd is with BOA as well.

Permalink Reply by Kelly Magreevy on May 21, 2010 at 9:15am

What if the heloc was sold to a collection company after the seller filed bankruptcy and included it in the filing but it still shows a lien on the home?

Juan Reyes said:

When you submit the offer on Equator make sure that you input a payoff to the 2nd lien of $3,000 which is what BOA will approve. Although they will process the SS for both loans, I always make a note that the 2nd is with BOA as well.

Permalink Reply by Laurie Clark on May 21, 2010 at 6:29pm

Make sure you put both loan numbers on every single document. I have always submitted a short sale contact to both the first and the second even though they maybe with the same lender, if they have different investors. I have seen some say don't put anything on the HUD to the second when it is the same lender. I put in on the HUD anyway and then let them come back with what they want so at least their is documentation that it is disclosed.
Also when speaking about the short sale to anyone in any department make sure to speak of both loan numbers. We are seeing many that have seconds getting foreclosed on after an approval because the second forecloses. It should allow you to and maybe even seeing if you can upload one for the first and one for the second. I would make the calls to see the best way to handle uploading but you can always put it in the notes as well. Good luck. ;0