Hi all,
I have a homeowner with an Indymac 1st lien and a BofA 2nd lien. Today we got a counter from BofA asking for more money than was offered ($7882 vs. $3k) and stating that they will charge-off the remaining balance as a collectable balance and will contact the homeowner to make arrangements for payment of the balance. Additionally, they will report to the credit bureaus that the balane as "charged off" and still owed to BofA.
I am in California, which is a non-recourse state, so I'm thinking if BofA is going to do that, the homeowner would be better off to let the property go to foreclosure. Has anyone been successful at getting BofA to remove this language?
Thanks!
Shannon Jones
Tags:
Shannon--sounds like a BOA HELOC. That has been my experience with their HELOC process/deficiency language as well.
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