What is the most BOA has offered for a second lien?
I have a shortsale where BOA is the first, and is owed about 1.1MM, with 200k owed to Citibank for a second. I read David Tedeshi's article last year where David Sunlin (the VP in charge of this mess), is quoted as saying BOA will offer 5% to the second. The full value BPO is 700,000, and there is a buyer willing to pay the full amount. The problem is that CITI will only take $37,000 to release the second. 5% of 700 is 35, so this looks like it will fly.
BOA has been offering just $3,000 to CITI, and now after my writing Mr. Sunlin, they have increased it to $5,000. CITI will not release for less than $37,000.
Has anyone seen where BOA will allow more than $5,000?
Replies to This Discussion
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Permalink Reply by Claudine Ellis on
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Yes, We went to the closing table and didnt have an extra $1500 and got Fannie Mae to give up the $1500 at the closing table. They ended up giving up over $5k. It was a $78k loan and the MI company and second didnt want to accept anything less than $8k. BOA gave up $5500 and wanted a cash contribution of $2500. We agreed to pay $1000 and the buyer paid the additionl $1500 because they wanted the house. But when we got to closing there was other closing cost fees of an additional $1500 for taxes and POA fees that the bank says they DONT pay. Well, we called and complained and they kicked in the additional $1500 at the closing table. Gotta love it! You will go through hell and if you are not a fighter, this game cannot be played. It's horrible for all involved, not to mention the stress on your life. Good luck.
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Permalink Reply by Jeff Jewell on
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Well, they first countered at $5,000, and have now upped it to $8,000, but this will still not fly with the buyer or CITI. I have left voicemails with David Sunlin asking him to reply, so I can be clear that his public statements are not correct, and that his staff is only offering 0.4%, then 0.7%, and now just over 1.1% of the sale price rather than the 5% he publicly stated in the NYTIMES article (in an effort to help move these along and get resolution quicker). He can get this closed today if he just follows the policy he laid out to the public (and I based my negotiations with on the second lienholder).
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http://www.nytimes.com/2009/05/17/realestate/17mort.html
Please let me know how they respond to this. They are not honoring this for me.
Dawn Maloney said:Can you provide a link to the NYTimes article? I am in a situation that is similar with SAXON and BOA. BOA is first. -
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