Hi Guys,
Long story short: Southwest Florida property has been foreclosed by the community association. The former owner and Bank of America borrower is not cooperative and not interested in helping with short sale unless he gets paid. We have lobbied all of our contacts at Bank of America but cannot seem to get them to move forward unless they have something in writing from their borrower.
I have put on my lawyer hat and explained to them that all we need is a mortgage lien release in order to write title insurance; and that their borrower's interest in the real property has been extinguished by the association and his participation in the lien release should not therefore be necessary.
Has anyone successfully worked a scenario like this with Bank of America. If so, I would appreciate the name of the representative with whom you worked and contact info so that we can make a connection.
Thanks in advance.
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The Association may have "foreclosed" but it is subject to the Superior Lien which is BofA. If the seller is not cooperating, I would walk away. There is nothing worse or more toxic than an uncooperative seller. It is the seller / borrower's fault this situation exists. You are wasting your time and that of BofA. You are also using-up any Goodwill contacts you may have on a losing proposition.
Hi Thom,
Thanks for the response. We've already explained what you mention in hopes of getting BofA to work around the uncooperative seller. Hopefully they'll see the light. But I don't want our folks to spin their wheels if it's not going to work.
Thanks again.
Chris - BofA will not proceed without the Borrower's cooperation.
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