Replies to This Discussion

Permalink Reply by Anna Mackey SDHS on August 9, 2010 at 10:25am

Kelly, they will not release their lien just because the debt was discharged in BK. They still have the security interest in the property and will want to get what they can in return for releasing the lien and letting you do the short sale. BK simply means your client does not owe the money anymore, but the 2nd lien can still go after their interest in the collateral 0 the property. Hope this helps :o)

Permalink Reply by Kelly Magreevy on August 9, 2010 at 11:13am

Hi,
thanks for the reply just got clarification...B of A is going to pay the $3000...but is there anything that I need to do to make sure there is an approval for both of the loans?

Anna Mackey SDHS said:

Kelly, they will not release their lien just because the debt was discharged in BK. They still have the security interest in the property and will want to get what they can in return for releasing the lien and letting you do the short sale. BK simply means your client does not owe the money anymore, but the 2nd lien can still go after their interest in the collateral 0 the property. Hope this helps :o)

Permalink Reply by Anna Mackey SDHS on August 9, 2010 at 11:16am

Are both of your loans BofA? if so, you can talk to your negotiator to make sure they are processing both loans and that they will give you two approval letters or if both loan numbers will be on the one approval letter.

Permalink Reply by Kelly Magreevy on August 9, 2010 at 11:22am

They are and I sure will Thanks Anna! I have a great negotiator and I am sure that I can communicate that to her! Thanks again Anna!

Anna Mackey SDHS said:

Are both of your loans BofA? if so, you can talk to your negotiator to make sure they are processing both loans and that they will give you two approval letters or if both loan numbers will be on the one approval letter.

Permalink Reply by Anna Mackey SDHS on August 9, 2010 at 11:28am

No problem. Good Luck :o)

Permalink Reply by joe beauchamp on August 9, 2010 at 12:12pm

Only once did I have a BofA loan that was not handled automatically by the negotiator (in Equator). The reason was that it was a Home Equity Loan. However, the negotiator was a disaster and told me that he negotiated it anyway - then screwed up the approval, etc. Basically, the only time BofA might make you consider the 2nd separately is if it is a Home Eq loan - but I'm inclinded to believe that is not true and this guy just screwed it up.

All you really have to do is ask the rep - he'll tell you and then you are done with it as an issue.

Kelly Magreevy said:

They are and I sure will Thanks Anna! I have a great negotiator and I am sure that I can communicate that to her! Thanks again Anna!

Anna Mackey SDHS said:

Are both of your loans BofA? if so, you can talk to your negotiator to make sure they are processing both loans and that they will give you two approval letters or if both loan numbers will be on the one approval letter.