Comment

Comment by Oscar Lopez on July 18, 2012 at 8:03am

I have had this task in the past.  What they are typically looking for is a recent statement or payoff from the second.  It does not matter that it is the same bank they are different departments.  What I have found is the easiest way to handle this is to give Title the seconds loan number and sellers authorization and have them request a payoff. 

 

Oscar

Comment by Christy Cole on July 18, 2012 at 7:42am

I have a HAFA short sale in process with Bank of AMerica-the most recent 3rd party vendor to work the file is The National Groups.  The first and second loan is with Bank of America.  The vendor wants me to supply a mortgage payoff for the second loan.  Well-shouldn't bank of america handle this internally, since it's hafa, and they hold both loans? However, where/numbers do I contact to get the payoff?

 

Comment by Wendy Rulnick on July 18, 2012 at 7:31am

From Bank of America - Faster Short Sales

Comment by Thom Colby CA Brkr 888-391-5245 on July 18, 2012 at 2:05am

@Ellen - How is "the short sale is a means of getting them to do that" ?  Unless the lienholder goes to the court to remove the JUDGMENTit will not be removed. Therefore there is a COST for an attorney to do that.  Who pays?  In my case, the borrower will not / can not pay. The 1st (Chase) will not allow it to be paid from proceeds, the agents should certainly not pay an attorney fee of more than $1,000 and the Buyer is already paying  for other "problems" that should be the seller's responsibility.

 

I would have thought the BK attorney should have had it removed at the time of the BK but, I suspect this is another way of the attorney getting more money at a later time (short sale).

 

It's a dilemna............

Comment by Ellen Levy on July 17, 2012 at 11:16pm

I am in DC.  The lien on the property IS separate. Typically, when a short sale is concluded, the lien (the mortgage instrument) is released via the title company. I was not referring to any judgements.

 

Comment by Catherine Gheen on July 17, 2012 at 3:10pm

Ellen, are you in California?  A short sale does not mean the creditor that filed a judgement has to release the property.  The bk discharges the person's personal liability to the debt.  The property is separate.

If you are aware of case law that supports the lien must be removed after the debt is discharged in bankruptcy please let me know

Comment by Ellen Levy on July 17, 2012 at 2:28pm

Julissa--The debt is discharged by the bankruptcy, but the lien is not removed.  The lienholder has to release the lien.  the short sale is a means of getting them to do that.

 

Comment by Kylee Roe on July 17, 2012 at 1:23pm

Kathy, see private message via friend request. Also, is the negotiator speaking to you, or avoiding you? Sounds like Twitter is exausted, might be time to get back on the phone lines.

 

Comment by Kathy Sheldon on July 17, 2012 at 1:18pm

Extremely frustrated with BofA!  They hold the second lien on an approved short sale and they have been promising an approval letter for two weeks.  With their promise of a letter by 7/13, the buyer has locked their loan rate.  Since then we have contacted BofA each day via Twitter and they have made promise after promise without results.  The file has been escalated, but we need more than that since Chase has given us until 7/27 to close escrow.  Any advice would be greatly appreciated.

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 17, 2012 at 5:12am

@ Pattilynn Guilford. CFPB complaints filed on behalf of consumers by phone 855-411-2372; Fax 855-237-2392; Letter CFPB, PO Box 4503, Iowa City, IA 52244

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