BANK OF AMERICA SETTLEMENT

Hi,

Does Bank of America settle home equities (or any 2nd loans) that are upside down with little to no equity, with out a short sale? Other large lenders settle with out short sales but BofA in the past told me they would not settle (unless through a short sale). I was wondering if anyone has knowledge if currently BofA is open to settlements on 2nd mortgages.

 

Any info would be greatly appreciated.

Thank you!

 

Steve

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Permalink Reply by Woody Edwards on July 4, 2011 at 4:26am

I just closed a BOA short sale with a first & a second.  You have to contact BOTH departments about each loan.  I believe the 2nd was handled out of Greensboro, NC.  I had to get their payoff amount before the 1st would even think about accepting the deal.  On the HUD-1, list both payoffs in the 500 area of the first page, and show -0- in the cash from/to seller at the bottom.

 

Permalink Reply by Sandra Ufer on July 5, 2011 at 5:29am
I closed several with B of Am that had 2 loans with B of Am. $3000. to the 2nd each time. Both agreed.

Woody Edwards said:

I just closed a BOA short sale with a first & a second.  You have to contact BOTH departments about each loan.  I believe the 2nd was handled out of Greensboro, NC.  I had to get their payoff amount before the 1st would even think about accepting the deal.  On the HUD-1, list both payoffs in the 500 area of the first page, and show -0- in the cash from/to seller at the bottom.

 

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