Hi Everyone!
So, I just got a second counter offer on my short sale and for the first time, the bank has asked for $3,000 for the outside 2nd mortgage which is with Bank of America. Since I was told by my seller that the loan was included in the bankruptcy which has been discharged, what do I do now? I thought I would take steps to get the second lien removed from the home by filing a notice of release of lien with the bankruptcy court is this going to suffice? Who has had this problem and how was it resolved?
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Kelly, they will not release their lien just because the debt was discharged in BK. They still have the security interest in the property and will want to get what they can in return for releasing the lien and letting you do the short sale. BK simply means your client does not owe the money anymore, but the 2nd lien can still go after their interest in the collateral 0 the property. Hope this helps :o)
Are both of your loans BofA? if so, you can talk to your negotiator to make sure they are processing both loans and that they will give you two approval letters or if both loan numbers will be on the one approval letter.
They are and I sure will Thanks Anna! I have a great negotiator and I am sure that I can communicate that to her! Thanks again Anna!
Anna Mackey SDHS said:Are both of your loans BofA? if so, you can talk to your negotiator to make sure they are processing both loans and that they will give you two approval letters or if both loan numbers will be on the one approval letter.
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