Comment

Comment by Alan Remigio on September 24, 2010 at 7:27am

Continue to ask BofA for clarification. BofA is actually in the better position, regardless. Their job is to receive the proceeds and release their claim after receivng the proceeds. That's it. Money in their pocket... they could care less what other issues you have.
The LLC, or individuals signing off is a totally different issue. This is why a good closer is needed...to tie each separate issue to the transaction. Now, I need to ask this question...Is the title insurance requesting this or BofA?

Comment by Jeff Payne on September 24, 2010 at 6:56am

Brigitte, I too am a bit confused, could be I am suffering from shortsaleitis :) It does not matter whose name the property is in, it matters who is on the mortgage. It looks like there are 2 that are on the mortgage and 5 people in the form of an LLC are on the deed. We see this ALL of the time with vacation properties here in Florida. Bottom line is the two on the mortgage are responsible and the 3 that are not on the mortgage are not responsible to pay it back. Not sure about names on HUD but I would think that the name on the HUD should be the LLC if that is the legal owner of the property. All parties in the LLC would need to sign the deed at closing most likely.

Comment by Kyle Souza on September 24, 2010 at 6:27am

Have you provided the documentation that shows who is in the LLC?

Comment by Brigitte Powell on September 24, 2010 at 6:23am

Kristie, I am not comprehending: so the people who are the Sellers and who borrowed the money don't want their names on the HUD1? That is how I understand it. Not much to do if the Sellers (or 5 members/or the 2 orig Sellers) don't want to put their names on the HUD1 and BoA says they want it on there
It seems they want the 5 people to be responsible for the deficit....right?

Comment by Jeff Payne on September 24, 2010 at 6:20am

Kristie, while Joe may have been a bit harsh, his message was right on. The nonsense about LLC vs homeowner is all just a stall tactic that you have to fight thru. It does not matter who "owns" the home, the concern is who is responsible for the mortgage. The ONLY time that there would be a problem is when one of the LLC members would not sign the deed over to the new buyer. We close these with Bank of America all the time like this, seller has a mortgage as an individual and then deeds the property to their LLC. Does not matter, the individual is still responsible for the mortgage. So is the problem LLC related or is it closing cost related, first step is to find out why BofA is doing what they are doing and that will probably take Freddie Mac to figure it out. DO NOT stop, fight them to the bitter end, escalate and keep escalating until someone with the power to make a decision says YES.

Comment by Brigitte Powell on September 24, 2010 at 6:17am

Amy, that is the Seller's decision to make, so make sure the Seller is completely informed and then ask what they want to do. They call the shots

Comment by Kristie DeLay on September 24, 2010 at 5:57am

@ Joe: Nice tongue lashing. Thanks for that. I think you have missed one critical piece of the puzzle here and that is that the mortgage is in the two individual's name, the property was later deeded into the LLC, of which the borrowers are two of the five members.
I have determined that the loan is owned by Freddie Mac. What B of A wants on the HUD is for the seller is the borrower's names, and the title company won't do that because that's not who is selling. I don't know if the new buyers want to continue this roller coaster ride, but I continue to dig to find solutions to the matter. BTW, I did submit a new HUD where I was eating a lot of costs for the investor--it did the trick and forced them to admit that is wasn't a closing cost issue, but the problem with the borrower and seller difference. My next step is to find out from Freddie Mac what solution, if any, they can offer for this problem.

Comment by Amy Martin on September 24, 2010 at 5:56am

I have a questions and hope you can give some insights. As a listing agent, your homeowner ask you to list the home and get them the HAFA short sale and in their case yes they qualify on HAFA. The first offer and only offer I got so far is an FHA Buyer. With my understanding HAFA is only for cash and conventional buyers. Therefore this offer will not pass the HAFA and that is my sellers request. How would you handle this situation? Thanks for any input and your time.

Comment by Brigitte Powell on September 24, 2010 at 5:26am

GO JOE!!! :-) LOL!!! You are exactly right. Are you related to Ben Benita :-)

Comment by Lisa Helweg on September 24, 2010 at 5:13am

Cami-
Thanks for the update!
Please continue to keep us posted.

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