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The problem is investment property. They told me why dont they just rent it. I explained to them that renter quit paying for six months and California law protects renters. Seller got behind in payments during this time and now just completely underwater in back payments. BAC will not modify because of rental property and no equity and lack of income requirements. He said that sounds like their problem. Also seller is underwater in primary by 350,000 with a 900,000 mortgage. Seller is keeping primary and making payments on time, but BAC will not modify that because of lack of equity. So somthing had to give and it was the rental property or lose both.
I have a new BAC short sale listing also w/MI. Do not know who MI company is yet. Does it make sense when submitting the HUD to BAC, to show payoffs to 1st, 2nd and MI? Instead of just showing payoff to 1st and 2nd?
On my HUD they should 1st and 2nd payoff. The payoff to MI is equal to the net proceeds from Sale. Remember MI pays whoever is the investor in full and they want the most they can get. They are private companies and they dont think they should take much loss, so they simply go after homeowner for balance on close, or they stop the deal in the tracks. I learned this the hard way.
The payoff to MI is net proceeds from the sale? So if BAC is getting 159K, then MI also needs to get that? Maybe I am misunderstanding what you are writing. And you're saying you only provided payoff to 1st and 2nd in your HUD? I am asking if it would make sense to show all 3 payoffs on the HUD--1st, 2nd, and MI?
Elizabeth said:On my HUD they should 1st and 2nd payoff. The payoff to MI is equal to the net proceeds from Sale. Remember MI pays whoever is the investor in full and they want the most they can get. They are private companies and they dont think they should take much loss, so they simply go after homeowner for balance on close, or they stop the deal in the tracks. I learned this the hard way.
What program would it be, I guess I will investigate. Borrower says they were turned away because of investment property and income to debt ratio, and equity. However that was back in December of 2009.. You would think BAC would have brought this up already.
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