Replies to This Discussion

Permalink Reply by joe beauchamp on July 16, 2010 at 3:07am

1st question: The first is uninvolved in the short sale - you are paying them off, therefore they need to know nothing about your dealings with the 2nd. (If you are new to short sales, I'll tell you that mostly, the 2nd is like a collection agency, they will push for all they can get - the more they know that you can pay, the more they will grab. I would not tell them that the 1st is NOT shorted - that just means they have you over more of a barrel. You should be able to get away with paying 10% to 20% depending upon who they are and how good you are with negotiating. Fannie Mae allows 8% up to a limit, for instance. Usually, you can point out that if they don't play ball, when the foreclosure happens, they get $0. Can you see what will happen if you tell them that you are paying the 1st in full? No foreclosure, they are in charge...)

I didn't go through your 2nd part - don't know indymac, have horrible issues with the lack of oversight by and of fannie mae for them and BofA, so I'd say that if, like BofA, you get easily refuted nonsense "reasons" for denial of something from your bank, it is because they don't have to care what they write, nobody is reining them in. I frequently get nonsense denials from BofA - 3 seconds looking at their own logs will prove them wrong - doesn't matter - Fannie Mae people could care less - not their money - (the 1 rep that I tried to talk to - no point - tried to tell me it wasn't their money - it is the "lending banks" money. Yeah, right, go back to you donut and enjoy your nice gov't health care, retirement and 3 hr work weeks while pouring tax money into BofA pockets for bad behavior - geesh). My point is that you probably won't find someone "in charge" or "responsible". I have not for BofA or for Fannie Mae - they do what they want - no control, so I assume your indymac is the same.

If you want to get to someone who can fix things, don't think of traditional numbers to call, etc., they aren't there - you need to find something (unfortunately, I think that only can be political) to make a difference. Everything else is dead - moot - non-existent.

Anyone out there have something for BofA or Fannie Mae to correct bad behavior? Yeah, I keep asking..

Permalink Reply by sindy harum on July 16, 2010 at 3:23am

Thanks So much for your help. Won't BofA see that the 1st isn't shorted when I present the Purchase and Sale contract and HUD? I plan to write a letter stating that if BofA does not accept the short sale as written then the seller will let Indymac foreclose, file a chapter 7 and BofA will get nothing at all and have no further recourse. If you have any other ideas or suggestions let me know!

joe beauchamp said:

1st question: The first is uninvolved in the short sale - you are paying them off, therefore they need to know nothing about your dealings with the 2nd. (If you are new to short sales, I'll tell you that mostly, the 2nd is like a collection agency, they will push for all they can get - the more they know that you can pay, the more they will grab. I would not tell them that the 1st is NOT shorted - that just means they have you over more of a barrel. You should be able to get away with paying 10% to 20% depending upon who they are and how good you are with negotiating. Fannie Mae allows 8% up to a limit, for instance. Usually, you can point out that if they don't play ball, when the foreclosure happens, they get $0. Can you see what will happen if you tell them that you are paying the 1st in full? No foreclosure, they are in charge...)

I didn't go through your 2nd part - don't know indymac, have horrible issues with the lack of oversight by and of fannie mae for them and BofA, so I'd say that if, like BofA, you get easily refuted nonsense "reasons" for denial of something from your bank, it is because they don't have to care what they write, nobody is reining them in. I frequently get nonsense denials from BofA - 3 seconds looking at their own logs will prove them wrong - doesn't matter - Fannie Mae people could care less - not their money - (the 1 rep that I tried to talk to - no point - tried to tell me it wasn't their money - it is the "lending banks" money. Yeah, right, go back to you donut and enjoy your nice gov't health care, retirement and 3 hr work weeks while pouring tax money into BofA pockets for bad behavior - geesh). My point is that you probably won't find someone "in charge" or "responsible". I have not for BofA or for Fannie Mae - they do what they want - no control, so I assume your indymac is the same.

If you want to get to someone who can fix things, don't think of traditional numbers to call, etc., they aren't there - you need to find something (unfortunately, I think that only can be political) to make a difference. Everything else is dead - moot - non-existent.

Anyone out there have something for BofA or Fannie Mae to correct bad behavior? Yeah, I keep asking..

Permalink Reply by Bryant Tutas on July 16, 2010 at 3:41am

Sindi. This short sale has nothing to do with the 1st lien holder. They should not be involved in the process at all if they are being paid in full. HAMP and HAFA are basically for the 1st lien holder. Not quite sure why the sellers would have wasted time trying to sort this out with IndyMac. Why you asking BofA to accept the short sale if they are not involved in the short sale? That makes no sense to me. Your battle is only with IndyMac. Don't complicate things by bring BofA into the picture

Permalink Reply by sindy harum on July 16, 2010 at 4:06am

Bryant, Indymac is the 1st lienholder BofA is 2nd. Seller tried to loan mod with Indymac but failed. Now in short sale and only BofA with junior lien is shorted. Indymac in senior lien position is attempting to lift the chapter 13 stay and foreclose again.

Bryant Tutas said:

Sindi. This short sale has nothing to do with the 1st lien holder. They should not be involved in the process at all if they are being paid in full. HAMP and HAFA are basically for the 1st lien holder. Not quite sure why the sellers would have wasted time trying to sort this out with IndyMac. Why you asking BofA to accept the short sale if they are not involved in the short sale? That makes no sense to me. Your battle is only with IndyMac. Don't complicate things by bring BofA into the picture

Permalink Reply by Jerry A. Ringo on July 16, 2010 at 5:21pm

If the 1st and 2nd have different servicers you'll have to do separate short sales--uggh! If both are with BOA they should be married, making life much easier for you, and if you initiate in Equator the system will automatically search for HAFA eligability.