Hi everyone, I have a client who has a Citi 1st and BofA 2nd HELOC (originally National City purchase money). He is paying $4K for a 2bd condo and is going to either short sale or walk away. He makes plenty of money (mostly commission), there is no real hardship except that his wife is out of work. His loan mod request was denied as even without her income they were under DTI reqts.
I have never worked with BofA and am unsure this one is worth taking on as I dont know the likelihood of it closing BofA. But since he is going to walk either way, it might be worth a shot, only very time consuming for all involved - including potential buyers.
Can anyone give me their take on this situation and if they have done something similar with BofA?
Thanks for your help!
Scott
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