Replies to This Discussion

Permalink Reply by Lina Robertson Jones on October 28, 2010 at 1:04am

This just happened to me as well. My sellers had to forfeit the cash contribution to the second and agree to sign a promissory note instead. Our thoughts are that we will have better luck negotiating the second down after closing through the collection department. With Freddie Mac's new rules, second lienholders are going to become more difficult.

If this is a HAFA short sale, then Freddie will not even allow a promissory note. Not sue what will happen in that case.

Permalink Reply by Stephanie Hart CA 310-930-2342 on October 28, 2010 at 3:48am

Not HAFA but BOFA will not allow a prom note due to saying MI wants the cash??? However it sounds like Indymac wouldn't even allow that. Trying to see if I can work my way around the 10,500 somehow. Its crazy that freddie mac can say 3k period.



Lina Robertson said:

This just happened to me as well. My sellers had to forfeit the cash contribution to the second and agree to sign a promissory note instead. Our thoughts are that we will have better luck negotiating the second down after closing through the collection department. With Freddie Mac's new rules, second lienholders are going to become more difficult.

If this is a HAFA short sale, then Freddie will not even allow a promissory note. Not sue what will happen in that case.

Permalink Reply by Jeff Payne on October 28, 2010 at 5:03am

Who is the MI company, you may have to go after them directly. I have many times gotten thru with the prom note instead of the cash contribution. As far as Indy Mac goes, a prom note does not go on the HUD so they won't even know about it.

Stephanie Hart said:

Not HAFA but BOFA will not allow a prom note due to saying MI wants the cash??? However it sounds like Indymac wouldn't even allow that. Trying to see if I can work my way around the 10,500 somehow. Its crazy that freddie mac can say 3k period.



Lina Robertson said:

This just happened to me as well. My sellers had to forfeit the cash contribution to the second and agree to sign a promissory note instead. Our thoughts are that we will have better luck negotiating the second down after closing through the collection department. With Freddie Mac's new rules, second lienholders are going to become more difficult.

If this is a HAFA short sale, then Freddie will not even allow a promissory note. Not sue what will happen in that case.

Permalink Reply by Stephanie Hart CA 310-930-2342 on October 28, 2010 at 11:00am

BOFA purchased this MI when they purchased the loan. So we have no MI info and they will not give it to me. I have tried calling soooo many different people to get it. My sellers and escrow have attempted it as well. They said they are paid to service MI therefore can't give the info out... WTH? Also stated that this MI won't take a Prom. So frusterating. Have you ever put one through as a POC line? how would I instruct my escrow to do that? Also have you ever had any success moving it to the buyers side and only showing the sellers side of the HUD.



Jeff Payne said:

Who is the MI company, you may have to go after them directly. I have many times gotten thru with the prom note instead of the cash contribution. As far as Indy Mac goes, a prom note does not go on the HUD so they won't even know about it.

Stephanie Hart said:

Not HAFA but BOFA will not allow a prom note due to saying MI wants the cash??? However it sounds like Indymac wouldn't even allow that. Trying to see if I can work my way around the 10,500 somehow. Its crazy that freddie mac can say 3k period.



Lina Robertson said:

This just happened to me as well. My sellers had to forfeit the cash contribution to the second and agree to sign a promissory note instead. Our thoughts are that we will have better luck negotiating the second down after closing through the collection department. With Freddie Mac's new rules, second lienholders are going to become more difficult.

If this is a HAFA short sale, then Freddie will not even allow a promissory note. Not sue what will happen in that case.

Permalink Reply by joe beauchamp on October 28, 2010 at 12:07pm

I find BOA cust svc much nicer when you ask for MI - I get it much more often than not.

A major reason BOA tries to keep that from you is that it is a ruse. BOA people seem to be trained now to gouge as much as possible and the use the MI to be the big bad bogeyman when, in fact, the negotiator is making it up to see what you will pay.

You can get them to accept a POC. I don't remember where I finally ended up putting it. They are touchy about it and most BOA people have no idea so you might go back and forth a couple of times moving it from 1500 to 500 to who knows what, but it does work.

Yes, what you see is extremely typical of BOA. If there is any money anywhere in the world, banks feel it belongs to them and they happily drive over old ladies to get it..

Permalink Reply by Stephanie Hart CA 310-930-2342 on October 28, 2010 at 12:17pm

HA HA well I made some pregress with a higher up in closing. She resubmitted back to MI for me to try to get them to waive the 10,500 cash or accept a prom. Closing officers are much easier to deal with. But you have to be approved and set to close to even have that option.
Wish the POC would work... I feel if OWB sees anything they will reject again.



joe beauchamp said:

I find BOA cust svc much nicer when you ask for MI - I get it much more often than not.

A major reason BOA tries to keep that from you is that it is a ruse. BOA people seem to be trained now to gouge as much as possible and the use the MI to be the big bad bogeyman when, in fact, the negotiator is making it up to see what you will pay.

You can get them to accept a POC. I don't remember where I finally ended up putting it. They are touchy about it and most BOA people have no idea so you might go back and forth a couple of times moving it from 1500 to 500 to who knows what, but it does work.

Yes, what you see is extremely typical of BOA. If there is any money anywhere in the world, banks feel it belongs to them and they happily drive over old ladies to get it..