Replies to This Discussion

Permalink Reply by joe beauchamp on August 3, 2011 at 8:33am

Who is teh servicer? BOA is extremely greedy and sloppy.  If they asked for $50K, they might release for a $10K note.  If the investor is FNMA, well, we have on video on youtube, the CEO of FNMA stating that a completed short sale will remove any deficiency.

 

You have a few missing bits of info here..

Permalink Reply by Jeff Payne on August 3, 2011 at 9:23am

I would go back to them with nothing coming from the seller and have the documents to justify it.  I believe they are trained to ALWAYS ask for a contribution.  I closed one recently with an 800,000 deficit and got a full release with no seller contribution on an investment property.  We just simply countered back with zero contribution and it got approved

Permalink Reply by Smitty on August 3, 2011 at 12:30pm

I THINK we got a full deficiency release, but I'm not holding my breath until we see the approval.  The second lender (also with boa - equity line took a HUGE hit) took a 125,000 balance and I'm being told will accept $6,000 although again, I'll believe it when I see it.  I found out though the seller lived in the home within the last two years, so it MAY be considered a primary property.  When I first met him, he told me he bought as investment property to rehab and sell and then market tanked.  I assumed he never lived there.  BAD on my part.

Permalink Reply by Smitty on August 3, 2011 at 1:16pm

Investor is Bank of America, NA and not sure who it is on the second because I didn't do QWR for it, but I THINK we are going to be ok, but again, not holding my breath until approval.

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