OK..don't laugh at me! I have just listed a home with a first & second, BOTH with BOA. Question is...we are going to initiate the short sale on Equator.....do I have to initiate them separately? I know it sounds like a dumb question, but usually my seconds are with another lender!
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Initiate 1st Loan only.
There is no stupid question ... I've had it both ways - need to ask B of A if they will treat/negotiate as one. Probably only need to initiate one loan but I would ask.
Good luck!
As Kevin said, Initiate the FIRST and reference both loan #'s on all of the documents you provide to BofA.
Best,
Thom Colby
Broker
CA
Not dumb. Depends on what kind of 2nd mortgage it is. Also, they are changing things EVERYDAY!
Do what Thom Colby said.
Is it a piggy back loan with the 1st and 2nd being an 80/20??? Also has the 2nd been charged off yet or are both still within a 6 month delinquency window...BofA in first will usually handle both loans...sometimes they will stiff the 2nd on the HUD1 with no funds and sometimes they will throw them a bone...Like everyone has said...different loans and investors are soemtimes handled differently...depends on the combination...but start with the negotiator on your first and let them set the path...
Good luck, and there is no such thing as a stupid question...
Thanks everyone, I TRULY appreciate your input, knowledge & replies!
Yes... usually the 1st will pull the 2nd. However make sure as stated above both loan #'s need to be on everything. I always call in to make sure that it pulls both in the same file/negotiator as well.
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