What is BoA offering on NON-MORTGAGE 2nd liens? The seller has a credit card debt that is clouding the title and the lienholder has agreed to the standard $2500 from BoA, however BoA claims that they will only pay 2nd liens that are mortgages. I've already received a counter offer with seller-paid closing costs at 4% of purchase price (which I expected them to chop to 3%). Is it too late in the game to increase the closing costs to cover the $2500 as long as their 85.05% is netted? What are your thoughts & experiences with non-mortgage 2nd's with BoA VA Compromises? Thanks for your input Superstars!
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I have a VA file right now with a different mortgage servicer where they are allowing some funds to go to a non-mortgage lien since we are above VA minimum NET. I'd recommend checking with VA directly to see truly what their guidelines are.
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