Replies to This Discussion

Permalink Reply by Chad Gelsinger on October 20, 2012 at 2:53am

Loreena,

Have your title company order a payoff from BOA and submit that along with your HUD. Make sure they give the correct  closing date. If you closing date goes past the payoff date, you will need to request another payoff. IF the net exceeds the balance due on the payoff, you would have a traditional sale with BOA and the 2nd is the only short lien holder. IF this is the case, you can proceed without an approval from BOA.

Do you have an approval on the $2K from the 2nd yet? If not, you would need that first to be sure they do not require more money. Feel free to email me directly if you need assistance. [email protected]

Permalink Reply by James ferebee jr on October 20, 2012 at 5:20am

Good afternoon Ms Yeo 1st off you should always order a payoff when starting a short sale as this will let you know what the numbers are. We get payoffs on the 1st and 2nd if any.

BAC has a direct line where you can order a payoff as your Title company unless open today can't call and get one also some reps will require the title person to be on the authorization and for this reason we always have the title person on there just in case. You can call 800-846-2222 and give the info they ask for and by fax you could have a payoff request within the next 24 Hrs, sometimes I get it back within 4 hrs. They will charge 20 to 30 dollars for this and add that amount into the loan but you don't have to pay out of pocket for it and as Chad stated you can just go to closing if all the other ducks are ready to go.

P.S. If you are having trouble with the number just get someone on the phone and tell them you were trying to reach the Auto Payoff request phone number and they will connect you but get the new number as they change them every so often.

Jim

Permalink Reply by Loreena Yeo on October 20, 2012 at 7:37am

I think the information you shared is great.

I'm trying to get the short sale's attention that the payoff that I have in my hand is higher than what they think. (Payoff has been ordered a few times, once when I took it as short sale, and when it said the loan balance is lower than proceeds). I dont think the payoff is what I'm focused on but to get their attention that this IS a short sale that they say it's not.

Permalink Reply by Chad Gelsinger on October 20, 2012 at 8:20am

Send them a copy of the payoff you have in hand along with your Preliminary HUD and see what their response is. That may get their attention. Chad.

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on October 20, 2012 at 1:30pm

You can always use twitter help. If your negotiator is not responding.

Permalink Reply by TOP END Properties on October 22, 2012 at 1:05pm

I'm not really understanding.  The Payoff is almost always more than the balance once missed payments and late fees are factored.  Usually the bank is approving a short sale payoff amount that is much less than the balance (i.e. short sale).  The only number that really matters is the accepted short sale payoff amount.  The current balance and current payoff are almost irrelevant.

Permalink Reply by Loreena Yeo on October 22, 2012 at 10:30pm

That's correct. It is irrelevant except when the bank thinks the proceeds exceeds loan balance/ payoff. They are saying this is NOT a short sale, 11 months later and they are incorrect.

Permalink Reply by Jeff Payne on October 23, 2012 at 6:17am

Now I am cofused.

Lets start at the beginning.

What is the amount of the NET Before paying off lenders?
How much is the amount owed on the first?
How much has the second agreed to?

Permalink Reply by Loreena Yeo on October 23, 2012 at 7:10am

What is the amount of the NET Before paying off lenders? - About $105K.
How much is the amount owed on the first? $110K. The 1st lien holder negotiator thinks it is $98K.
How much has the second agreed to? Yet to be determined. BOA wants to give $2200, GMAC (2nd lien) wants $8K - wont be getting that.

Permalink Reply by TOP END Properties on October 23, 2012 at 2:12pm

If they are saying the pay off is $98k .. it probably is.? .. and if you are showing them clear $105k .. then its not a short sale of the 1st.   

Permalink Reply by Loreena Yeo on October 23, 2012 at 11:58pm

The payoff statement says $108K. The negotiator "thinks" it is $98K. And she has declined the file because of it. I've faxed the payoff and will call in today. Such inefficiency!