Scott Fain's Discussions
Bank of America's new eligibility requirement
Started this discussion. Last reply by Tracie Norman Oct 8, 2013. 1 Reply 0 Likes
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 15, 2013. 12 Replies 0 Likes
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 0 Likes
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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Scott Fain's Blog
Is this legal?
Posted on March 2, 2012 at 12:14am 2 Comments 0 Likes
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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