Comment

Comment by Thom Colby CA Brkr 888-391-5245 on February 15, 2013 at 10:35am

@Keji  Remember if it doesn't close as a Short Sale, REDC (aka Auction.com) will get the listing as an Auction Property.....  Be careful how much time you waste.

Comment by Keji Ogunleye on February 15, 2013 at 9:18am

Any one has escalation for BoA and REDC? I have a file that has been with REDC since August and this was a co-op short sale.. we've are on the 2nd offer and REDC keep holding the file and not moving it forward... Have twit several times with no progress...

Comment by Ann E Richardson on February 14, 2013 at 6:25am

@Thom, excellent info, i have shared with my Client and they are addressing immediately, cant thank you enough

Comment by Thom Colby CA Brkr 888-391-5245 on February 14, 2013 at 6:18am

@Ann, there is a difference between an "additional signatory" (someone who can access the account but does not own it) and a Co-owner of the account.  Sometimes when adding a signatory to an account the person at the bank adds them as a co-owner as well.  Best to check out what the situation is ASAP. 

I first learned about "Right of Offset" when reading a story about a young couple who was buying their first home.  When they went to withdraw the downpayment from the wife's account, her balance was -0-.  She quickly found out that she had missed a student loan payment (at the same bank) because she had moved and forgot to pay it for a couple of months.  The monthly payment was minimal but the loan balance was over $40,000.  That bank cleaned out her account the day before to settle most of her balance.  Needless to say, they could not buy their new home which caused all kinds of other issues for them.

I guess this is a case of "Depositor Beware".  Good luck,

Comment by Ann E Richardson on February 14, 2013 at 6:14am

@kevin, awesome help

Comment by Ann E Richardson on February 14, 2013 at 6:08am

Thom, thanks so much, i too tell my clients the same this was however a bit different, the clients name is only on the account in the event of death! but i see that BOA can take what they believe is theirs!

Comment by Kevin - Greenville, SC on February 14, 2013 at 6:06am

http://www.bankrate.com/finance/mortgages/lenders-can-tap-bank-acco...

Comment by Thom Colby CA Brkr 888-391-5245 on February 14, 2013 at 6:05am

@Ann - YES, all banks have the ability to invoke a "Right of Offset" that's why I tell all of my clients, friends and family to keep deposits in XYZ Bank and take loans from ABC Bank - never do both at the same bank;

http://www.helpwithmybank.gov/get-answers/bank-accounts/right-of-of...

Comment by Ann E Richardson on February 14, 2013 at 6:02am

QUESTION? Client has BOA investor Serviced by BAYVIEW, Short sale has been initiated, Client has joint bank BOA bank account with elderly mother

Client is almost 4 months behind, does BOA have the authority to take funds from joint bank account to cover mortgage.

I have said NO however I know this has happened with Wells Fargo on a 2nd lien on a previous SS

any ideas?

Comment by Sheila Vardakis on February 14, 2013 at 5:51am

RMA%207%20pgs%20FILLABLE.pdf

I think if you are getting that it is corrupted then it may be your computer Linda.  Just a thought.

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