Does BofA only allow $3K to 2nd mortgages?
I came across a situation where a negotiator revealed to me that Bank of America will only allow $3,000 to 2nd mortgages, regardless of how large the payoff is for the 2nd mortgage. This is a file where the 2nd mortgage has a payoff of $75,000, is with SunTrust and in collections with PRS, Inc. They are asking for a net of $30,000 (40%) but I think they might take something closer to 20%. Even so, how are we going to make up such a big difference!
I was wondering if anyone has been able to get BofA to pay more than $3,000 to a 2nd mortgage and how they were able to do this.
If this is the case and $3,000 will be the max paid to any 2nd mortgage it is going to be very difficult to get even 10% paid to this second, let alone the 20% or 30% that most seconds ask for in collections. Please let me know if anyone has any suggestions on how to solve this issue. Thanks!
I was wondering if anyone has been able to get BofA to pay more than $3,000 to a 2nd mortgage and how they were able to do this.
If this is the case and $3,000 will be the max paid to any 2nd mortgage it is going to be very difficult to get even 10% paid to this second, let alone the 20% or 30% that most seconds ask for in collections. Please let me know if anyone has any suggestions on how to solve this issue. Thanks!
Replies to This Discussion
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Permalink Reply by Gunna Voigt on
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Second mortgages are often (by most banks) only paid 1000, 2000, or 3000. That is just the way this is handled. They are second in line, and if there isn't enough money, they are the first ones to be cut. Asking a large amount or large percentage isn't getting them anywhere, whether it is a short sale or REO.
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Permalink Reply by Katerina Gasset on
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You will not get BofA to give more than 3K depending of course on who owns the note on the first. If it is a private investor and not Fannie or Freddie you may be able to get them interested in 5K.
The seller can bring some cash to closing to pay off the second a bit more and they can sign a promissory note for like 10% of the balance owed. The first round is not the end round. You need to be tough with collection agencies. They are taught to start high. You can get them down to a lower amount. -
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Permalink Reply by Anna Boyd on
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Just got an OK on one a couple weeks ago and I about fell of my chair. They agreed to pay $5k. First time I'd seen one beyond the $3,000.
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Anna Boyd said:Just got an OK on one a couple weeks ago and I about fell of my chair. They agreed to pay $5k. First time I'd seen one beyond the $3,000. But likely it was the investor, not BAC that OK'd it. BAC just following instructions for one of the majority of loans they do not own.
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