"I have a deal with B of A as 1st and US bank heloc 2nd....6 months ago B of A approved an offer, but US bank demanded a note for the full amount....seller refused and filed BK...now we have new approval from B of A( after BK discharge) and US bank…"
"OK...final update (I hope).
Recap: seller built the home in 2006-2007. We had a 1st with SunTrust for $870,000 and the 2nd with US Bank for $150,000. Had a offer to purchase for our asking price of $599,000.
Both banks were difficult…"
"We started the short sale in October and at that time she was already behind 1 month. I believe her last payment was in August. Looks like 7 months at least.
I had this happen on a Chase HELOC last month. They went from not wanting to accept…"
"That's great news, Joe. How long since the seller stopped making payments on the 2nd? Also, how recently did yours go from the SS dept to the Recovery Dept? Thanks for sharing this possible breakthrough. Good luck!"
"Rod, we may have had a possible breakthrough regarding US Bank HELOC's.
We were in the same boat...$150K 2nd and USB telling us that they needed agreement to pay the whole balance in order to process the SS. This started in October.
"I'm pretty sure our DRE eliminated non-licensed 3rd party negotiators before MARS went into effect (last Fall, I think). I'm pretty sure you can be a 3rd party negotiator if you're licensed and either a broker or working under a…"
"Yes, as with most laws, if you read the fine print, there are are some exceptions. So you're right about lawyers & investors acting on their own behalf. But collecting an up-front fee is illegal in California, something that I know many…"
"The buyer pulled out shortly after I posted this, so I didn't have an opportunity to pursue this to the bitter end. Though I believe we had reached a dead-end due to this inflexible all-or-nothing demand by USB. I'd love to hear if you…"
My situation is exactly like yours with US Bank Home Mortgage for the 1st and US Bank Financial for the 2nd. The two entities do not share information, which is really frustrating. USB Financial will not even talk to us regarding a…"
"A very lively discussion and I can see the desire to provide 2 HUDs from a negotiating standpoint. However, let's not forget what a HUD is and who its prepared by. The reason a lender asks for a HUD rather than an agent-prepared net sheet is…"
"CAR just had a webinar on Friday where their contract attorney talked about the 2 forms. He said that the FTC has verbally changed its tune, telling NAR that in a normal RE transaction where the agent is just negotiating a short sale and not…"
"I agree with the comments so far. I think that submitting two different HUDs even initially is crossing over that fraud line. It's essentially the same as someone who submits one tax return to the IRS and then gives a…"
"Any luck, Susan? I'm in a similar situation on an SLS 2nd right now. Were you able to escalate to an upper-level mgr successfully? If you have any contacts you're willing to share (or even an update on what ultimately happened), please…"
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