Replies to This Discussion

Permalink Reply by James ferebee jr on January 20, 2011 at 7:05pm

Yes you will have to use equator I have one right now with them and it must be set up into equator.

Well they talk that 6% then they only want any second to receive 3K so I say start at 3K..

Permalink Reply by Kari A. Battaglia on January 21, 2011 at 1:09am

Offer 5%, in FL they will accept 5%. Do not go through Equator.

 

Use this form and fax completed form (do not leave any blanks).  They will respond by fax back to you and you should get answer within 14 days. As long as they net 5% you should get an approval.

 

 

Attachments:

• Bank of America HELOC Short Sale App.pdf, 462 KB

Permalink Reply by Peggy K Fowler on January 21, 2011 at 4:16am

I just finished negotiating a HELOC balance with BOA on my short sale.  The problem I had was the 1st is now held by BOA via Countrywide the original lender.  The 1st and 2nd act like they don't know each other and play one against the other in terms of the amount each are willing to accept.  The 1st stated 6% or $6000 whichever is less was all THEY would allow to pay toward the HELOC.  BTW this is a traditional not a HAFA ss.  I recommend offering lower on the 2nd because they will always ask for more.  Offer $3K and if you can go up go up.  Make sure you know your numbers and the max the deal can afford to pay the HELOC before throwing out numbers.  Make sure you obtain a payoff letter from HELOC and submit it with your approved negotiated payoff amount letter from the HELOC to the 1st lien holder if not it causes all kinds of problems with approval on the 1st.  I also want to add keep proficient notes of who you talk to first and last name, dates and times when you get the run around you can stop it immediately by providing a detailed time line of your efforts.  They don't play fair.  They garner 15-20% more with a short sale over foreclosure however they act like they are doing somebody a favor ~ NOT.  We are providing them a viable solution to THEIR problem.  Remember we represent the SELLER not the Bank don't let them run over you.  Do your research and beat them at their game by giving them FACTS and documentation they will back off and become more pliable.  Good Luck