Replies to This Discussion

Permalink Reply by Claudia Carignan on March 8, 2010 at 11:31am

I am working on one right now. I certainly wish I had more details for you , but just started the process.
They told me that they wanted 5% of the proceeds and not to send them anything until I have a preliminary HUD-1 with the amount that the ist lien holder is willing to pay. The hardship letter that my client had to write has to state what she intends to pay if anything on the HELOC as per BofA. This is unchartered territpry for me.

Permalink Reply by Jocelyn Tranum on March 8, 2010 at 1:09pm

Thanks for the info Claudia...GOOD LUCK!

Claudia Carignan said:

I am working on one right now. I certainly wish I had more details for you , but just started the process.
They told me that they wanted 5% of the proceeds and not to send them anything until I have a preliminary HUD-1 with the amount that the ist lien holder is willing to pay. The hardship letter that my client had to write has to state what she intends to pay if anything on the HELOC as per BofA. This is unchartered territpry for me.

Permalink Reply by Claudia Carignan on March 12, 2010 at 6:25am

Jocelyn, I faxed all the paperwork including prelimiary HUD-1 and offer and included an amount that the ist lien holder would be willing to pay and to BofA re: HELOC on March 10,2010, and got an approval back today March 12, stating that they will accept the terms and will charge off the balance to my client as a collectible item. She is ok with the terms and is as surprised as I am about the turn around time for BofA on this HELOC.

Permalink Reply by Diane Wheatley on April 15, 2010 at 4:28pm

I just received a "declined" letter from Bank of America after we received our approval letter back on the 24th of March, buyers completed appraisal, signed loan docs and even funded the loan only an email from the closer that the offer did not meet their "net" amount and could not be approved for closing. We did not receive a counter offer or any other opportunity to take subsequent action. Hence, the buyer's loan was forced to "re-fund" and all parties needed to unravel the closing process.

What is extremely odd is that the "net" amount that B of A requested was nearly $50,000 more than the principle balance of the first trust deed. Note that both loans were with B of A and we were NOT short on the first T.D., the short applied to the HELOC only. Why would the seller approve a $244,000 payoff on a $190,000 loan with only $12,000 going towards the HELOC principle balance of $115,000.

After an obscene amount of calls to the Equator help line and several email messages to clarify this discrepancy in order to proceed, we lost the loan proceeds and of course the buyer's docs expired. Now we are trying to find out how to proceed a second time. Same parties must resubmit all over again? Wow, what a mess......Any thoughts?

Permalink Reply by Van Bui on April 15, 2010 at 5:15pm

Claudia, I closed a HELOC loan in 6/2009. The approval stated charge off balance is a collectible item. Guess what... BOA sold the remaining balance to SRA Associate which is a debt collector. SRA Associate makes my client life miserable now. Prepare your client to pay. BOA HELOC will not go away. It will go back to haunt the seller.