BofA with an Old republic 2nd

I recently made a comment on the blogpost below.

http://activerain.com/blogsview/1773700/old-republic-equity-credit-...

BofA declined the deal with the following message:

"Hello-The MI Old republic's approval letter does not fall within HAFA guidelines. This file will be closed and you may take the offer to BAC for a traditional short sale. Thank you".

I restarted in Equator.

In the interim the potential buyer is understandably upset and wrote a complaint to "OCC" as well as local congresswoman, Doris Matsui.

Bank of America contacted her via this gentleman:

Aaron Jones

(412) 918-7364

Fax (804) 553-8267

The buyers agent is now asking for an authorization to communicate for HER BUYER to speak with Bank of America.

Has anyone of you ever done this? What are your thoughts regarding this request? My seller isn't wanting to sign an ATC for the would be buyer.

1 member likes this

Replies to This Discussion

Permalink Reply by Richard Kirk on July 12, 2011 at 2:29am

I have had some selling agents and buyer want to talk to the lender and I would highly discourage this. I don't blame the seller at all for not allowing this and I wouldn't try to talk them into it. It's the seller's mortgage and his lender and his business. The buyer should have known (I'm sure they did) what they were getting into. The seller has every right to pursue this if they want to, but it seems like they are not as concerned over it?

Permalink Reply by Kimberley Kelly on July 12, 2011 at 2:40pm

Sellers hold the mortgage. It's THEIRS. Buyers have no say. Bye-bye.

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