Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on January 19, 2012 at 7:39am

Initiate 1st Loan only.

Permalink Reply by Chris McGee on January 19, 2012 at 7:45am

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!

Permalink Reply by Susan Neal on January 26, 2012 at 1:46pm

I have worked on files like that. BoA wanted me to enter just the 1st, and they negotiated with the second themselves. They are two different parts of the company in different parts of the country, and I let them battle out who got what. When you put in the 1st, mention the 2nd and see if there is something they need you to do.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 19, 2012 at 7:50am

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

 

Permalink Reply by Mary M. Bremer on January 19, 2012 at 7:59am

Not dumb.  Depends on what kind of 2nd mortgage it is.   Also, they are changing things EVERYDAY!

 

Do what Thom Colby said.

 

 

Permalink Reply by Jan Sanderlin on January 19, 2012 at 9:58am

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...

Permalink Reply by Julie Alibrando on January 19, 2012 at 10:28am

Thanks everyone, I TRULY appreciate your input, knowledge & replies!

Permalink Reply by Stephanie Hart CA 310-930-2342 on January 25, 2012 at 6:55am

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.