Scott Fain
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Bank of America's new eligibility requirement

Started this discussion. Last reply by Tracie Norman Oct 8, 2013. 1 Reply

The new eligibility requirement for BOAs FHA short sale involves a Deficit Income Test; where you subtract monthly expenses from net monthly income. I’m assuming that a negative result of the DIT…Continue

SSI Income Question

Started this discussion. Last reply by Scott Fain Sep 16, 2013. 12 Replies

I have a client who receives a disability check that comes in for her grandson, on which she is the payee. Does she need to declare this income for a short sale?Continue

From Short Sale to Deed-in-lieu Question

Started this discussion. Last reply by Harry Clay Jan 8, 2012. 2 Replies

I just had Chase decline a short sale of mine citing one of the reasons being that the borrower was not currently behind on payments. My question is; moving forward with a deed-in-lieu, wouldn't this…Continue

 

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First Name
scott
Last Name
Fain
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State
VA
City
Burke

Scott Fain's Blog

Is this legal?

Posted on March 2, 2012 at 3:14am 2 Comments

I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing. 

My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?

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