Anybody do a BofA 2nd lien through Equator? Or do they do them differently? It's a second lien on owner carry. It's a commercial property. 1st is $300,000 and BofA has a 2nd lien set up as a revolving line of credit for $130,000. Any assistance is greatly appreciated.
Thanks,
Brian
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I don't know about a revolving line of credit on a commercial property but I am processing a BofA 2nd through Equator at present. Go to Equator to Initiate a Short Sale and I'm pretty certain the system will tell you if you cannot process it for some reason at the time you are initiating it. Good luck!
Yes I have What a hoot. It fits BOA's personality perfectly - always think that they are in control, number 1, etc. I spent a great deal of time calling around including closing officers and good negotiators whom I knew, about how to submit it. Nope, no one could tell me -- how to put data into **their** system. I see 3 ways - I've used 2 of them. It doesn't seem to matter. The negotiator will hopefully figure it out from the HUD-1, I suppose.
The main issue I ran into is that the negotiator also thinks he is in charge. I spent a lot of time reiterating that BOA is is 2nd position - they don't tell the bank in 1st position what to do - they take what the bank in 1st position feels like giving. BOA just has a nervous breakdown with that - trying to put the seller through HAFA, etc. I swear, I can see the car loaded with clowns driving up as I submit one of those.
You'll be fine - just keep reminding them that they are in 2nd position. And if you get the brain dead negotiator/manager, the fastest fix is to kill the sale and resubmit it - get someone who can think as a new negotiator.
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