Replies to This Discussion

Permalink Reply by Cami Pinsak on June 24, 2010 at 12:34pm

The B of A HELOC package does have that portion.
Not really sure what good it does them...My client's have filled it out and I havn't heard of any communication between the first and second directly.

Permalink Reply by Claudia Carignan on June 24, 2010 at 12:41pm

I closed on such a short sale one week ago. My seller completed it and I do not think that they contacted the first lien holder who was Chase because they gave the approval so quickly. My client was happy to complete the form to get the process over with.

Permalink Reply by Ute Ferdig on June 24, 2010 at 12:45pm

I am dealing with this right now. The junior asked for the authorization form from the beginning and the senior (GMAC in my case) asked for it when we had reached an impasse with the junior. GMAC actually contacted the junior and helped with negotiations. It's a good thing to have the authorization on record to avoid any delays in moving the file along. Just because they have the authorization does not mean that they'll take the time to use it, but in my case they did and we had an answer less than 2 weeks later. It took me nearly a week just to get my sellers to sign the consent form because one of them moves very slowly and lives 3 hours away.

Permalink Reply by Bryant Tutas on June 24, 2010 at 1:03pm

Heidi. Pretty standard for a BofA 2nd. The seller pretty much has the option of completing and going for the short sale or not going for the short sale. I doubt the lender will bend on this. They already have all of the sellers personal information anyway so it doesn't really make any difference.

Permalink Reply by Stephanie Lim on June 24, 2010 at 11:34pm

Is this a HELOC?