Bank of America 2nd Lien HELOC......just submitted package

Hello,

I just submitted my first BofA short sale package and it is a HELOC in which the first mortgage lender is a Fannie Mae investor and is not getting shorted. What should I expect for timelines on the 2nd lien with BofA?

I am pretty sure their policies are a little different than the BofA first's out there.

Here are the nuts and bolts of the deal.

Sale price: $400,000

1st mortgage payoff (in full): $347,500

2nd lien amount being offered to BofA: $17,500

Realtor Commissions: 6%

Borrower's first missed payment was November and he does have a hardship and monthly shortfall. We are at FMV on the sales price.

Will they cut the commissions on me and the other realtor even though the first is a Fannie Mae loan?

They are getting more than 10% of their original loan which was and still is $125k.

I faxed the package Tuesday night and 2 day aired the same package via priority mail on Wednesday. Any tips on these 2nds with BofA?

Their paperwork says not to call on status for quite awhile, but I want to close this one quickly. How soon before I ask to get it expedited?


thanks!

Views: 466

Replies to This Discussion

Permalink Reply by Tim Schmitz on December 20, 2009 at 9:49am
thanks Teresa,

The one thing I have going for me, is that the seller is okay with that, and has even indicated they would sign a promissary note if necessary. Of course, I don't want that for him, but if they came back that quickly, it is encouraging.

One thing I did notice though, as it seems their short sale submission package has changed in the recent month or so. The one we received from them back in October says not to call for 30 days and does not have all of the financial worksheet stuff on it that the current one has. Of course I submitted a financial worksheet with the borrowers monthly expenses per the CDPE form, but am a tad worried as I did not notice the new submission form for BofA seconds until after I faxed in the package.

Any thoughts on this? Should I fill out the current forms and re-send? The package I sent has all of that information in it for the most part. Hopefully this will not delay things.

Also, did they reduce the commissions on your deal since the first was being paid off?

thanks!

Teresa Turner said:
Tim, I had a Bank of America HELOC short sale where the first was paid in full and the HELOC got about 20%. It was approved in 3 weeks but Bank of America will stipulate that they will be able to come back after closing and work out a recovery plan for the balance.
Permalink Reply by Tim Schmitz on December 24, 2009 at 7:02am
well I just called for the first time to check status and they already told me it was declined due to not having the BofA application and the HUD-1...................BS............!!!

I was staring right at it as the guy talked to me. I tried to be as nice as possible, because I know it wasn't his fault and it was christmas eve, but now because they say they didnt get those two items..................even though I also MAILED them a copy of the package, I have to refax the whole thing back again and start over.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************