"That is unfortunate and when lien holders approval letters do not line up, that is never ideal. It sounds like the file is under review for approval based on what you are saying. I'd continue following up daily and speaking to the negotiators…"
Peggy Kormylo's Discussions
Bank of America Delay Severely Impeding Short Sale
Started this discussion. Last reply by Brett Goldsmith Mar 23, 2015. 1 Reply 0 Likes
Good Morning,BofA is the secondary lien holder, with Green Tree being primary. Green Tree has offered BofA $6000 and BofA has given us verbal approval but each time they say they are sending the…Continue
Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
Started this discussion. Last reply by Peggy Kormylo Oct 2, 2013. 12 Replies 0 Likes
Hello,I have a client with a first mortgage through BOA and the 2nd through SBA. The preliminary HUD was finally approved by both banks. We are now suppose to close on Oct. 1st, 2013 and BOA said…Continue
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Brett Goldsmith replied to Peggy Kormylo's discussion Bank of America Delay Severely Impeding Short Sale
Peggy Kormylo posted a discussion
Bank of America Delay Severely Impeding Short Sale
Good Morning,BofA is the secondary lien holder, with Green Tree being primary. Green Tree has offered BofA $6000 and BofA has given us verbal approval but each time they say they are sending the final approval it never comes through. Green Tree has been wonderful and has given us extension after extension but now this is our last extension from Green Tree. Is there anything we can do? We have called Escalations time and time again, this always leads to the BAC Specialist calling us and saying…See More
Peggy Kormylo replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
"After countless hours of fighting, BofA finally accepted "Lien Release" and we were able to close the property. Thank goodness! "
Peggy Kormylo replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
"Boys, boys, boys, I'm stressed out enough, no arguing allowed :)"
P Nicolas Velecico replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
" It was a bad joke on my part , so I deleted it . "
Lori & G-II Klindera/Varrato I replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
"Just in… Revised ML 2013-23 via ML 2013-24 http://portal.hud.gov/huddoc/13-34ml.pdf
Implementation of the “PFS Participation Requirement” section stipulated in Mortgagee Letter (ML) 2013-23 has been delayed until further…"
Peggy Kormylo replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
"Thanks for the information Laura.
HUD will not allow for Lien Releases, it is on their disallowable list. However, I did see on the approved side "Outstanding Partial Claim Amount" I asked the title company to change the wording on the…"
Laura Marshall replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
"I did a short sale with Wells Fargo & theSBA. It was actually a short sale on a commercial property, but they also had a lien on the borrowers principal residence. Just a thought....would they accept the verbiage of $2,500 for a lien release…"
Peggy Kormylo replied to Peggy Kormylo's discussion Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
"This is exactly what BofA said:
P.S Line 506 cannot state “pay down” , it has to show “payoff” – HUD will not pay towards a revolving account or make a partial payment towards a creditor. The item has to be an actual…"
Peggy Kormylo posted a discussion
Short Sale Approved, Now BOA stating Final HUD has to change, SBA not allowing it to change
Hello,I have a client with a first mortgage through BOA and the 2nd through SBA. The preliminary HUD was finally approved by both banks. We are now suppose to close on Oct. 1st, 2013 and BOA said they will not approve the final HUD, even though nothing has changed from the Preliminary HUD. SBA required us to have "Pay Down" versus "Pay OFF" for their $2500 credit. This was initially approved with BOA on the preliminary HUD. Now, BOA says HUD will not pay on "Pay Downs" and it must state "Pay…See More
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