Replies to This Discussion

Permalink Reply by joe beauchamp on October 15, 2012 at 12:08pm

You have words that look like English but make little sense to me. I've only been doing short sales with BofA for 4 to 5 yrs, maybe I haven't seen this hidden beast? "Uninsured" and MI don't fit very well. "BOA 2nd Trust" and Freddie Mac, are you saying you have 2 investors, too? Then an MI condition stating you can do the short sale if you don't to the short sale..?? You are a tad beyond my understanding..?? Halloween prank?

(Not waiving deficiency does NOT mean paying off immediately - did you read something into this that isn't there?)

If this is as screwed up as it seems, you probably want to get on twitter and direct msg @BofA_HELP to have them call you to get to the bottom of whatever this is.

Permalink Reply by Elizabeth Ross James on October 15, 2012 at 2:52pm

I agree, I dont understand the question.

Permalink Reply by Amanda Elrod on October 15, 2012 at 12:28pm

I wish this was a prank, I copied and pasted from equator directly what negotiator said... so not making any of that up. The borrower told me what the loan type was which she was reading directly from her loan paperwork. I'm verifying that with negotiator now just to be sure. I'm as baffled as you are. I've been doing these for a few years myself and have never run in to this. Twitter was my next stop, just hoping someone on here may have come across this. (oh and my mistake on freddie mac that is the 1st trust sorry)

Permalink Reply by Rachael Babinchak on October 15, 2012 at 2:06pm

Knock on wood I've not had MI problems in a couple years, but when I did it was with Freddie Mac and Radian as the MI company.  I approached it as an escalation and appeal to all 3 entities at once.  Humanize the desperate hardship of the seller, make an offer of $0 using proof of lack of funds (statements, pay stubs, doctor letters without HIPAA disclosure) and send the main components of the SS package to the MI company also.  Google, search forum for executives to the MI company and BAC and send the appeal there too.

Permalink Reply by Elizabeth Ross James on October 15, 2012 at 2:50pm

Hello -

Speaking from the bank side this was most likely a stated income loan and there was pool Mortgage insurance purchased by the investor as a underwriting condition on the 2nd. Freddie does not own any 2nd liens. I would look for issues with the value of the property at orginination. The bank took out very few policies on 2nd's and I would be curious if this is not a orgination issue as the bank thought it was in their best interest to pay for the mortgage insurance.

Permalink Reply by Amanda Elrod on November 12, 2012 at 12:40pm

Well luckily after complaining so much they looked in to it further thanks to  BOA Twitter help and they realized this was a mistake and MI should not have asked for balance due. However MI was still a party which I don't understand and will not waive deficiency. My seller was happy with this trade! They will take their chances. Now unfortunately I'm still waiting on 2nd trust approval letter. We were verbally approved but 1st trust is scheduled for FC 11/15 and M&T will not postpone with out letter!!! In panic mode right now bc unsure of when letter will show up =(