Replies to This Discussion

Permalink Reply by Kyle Souza on October 8, 2010 at 1:23pm

unpaid principal balance

Permalink Reply by Debra Enos on October 8, 2010 at 1:46pm

Hi Shannon: UPB is an acronym for "UnPaid Balance".

Permalink Reply by Debra Enos on October 8, 2010 at 1:47pm

opps, unpaid principle balance....also an accounting term

Permalink Reply by James ferebee jr on October 8, 2010 at 1:53pm

Unpaid Principal Balance or Unpaid Balance take your pick...

Jim Ferebee

Permalink Reply by joe beauchamp on October 9, 2010 at 2:46pm

OK, I process short sales all day, lately, all of my, except for 2nds, is in equator. I know of no place in the equator counter to put the unpaid balance, just what is offered for the 2nd lien.

I assume this was a separate question from the negotiator - I'm curious who he is that he threw upb at you, but on the other hand, if he really said upb payoff, never mind, he doesn't know how to ask a simple question..?

If he used real english and you simply compressed it, well, I would like to know who he is - it is very unusual to run into a negotiator at BofA who has a clue of accounting terms -- OK, of accounting in general, for most of them. ;-)

Permalink Reply by Jeff Payne on October 11, 2010 at 5:26am

I agree with Joe, I have not seen that on equator either. Is the second a BofA loan or with another lender? Why would they care what the balance is on the second, they should only be concerned about what the second wants as a short payoff.

joe beauchamp said:

OK, I process short sales all day, lately, all of my, except for 2nds, is in equator. I know of no place in the equator counter to put the unpaid balance, just what is offered for the 2nd lien.

I assume this was a separate question from the negotiator - I'm curious who he is that he threw upb at you, but on the other hand, if he really said upb payoff, never mind, he doesn't know how to ask a simple question..?

If he used real english and you simply compressed it, well, I would like to know who he is - it is very unusual to run into a negotiator at BofA who has a clue of accounting terms -- OK, of accounting in general, for most of them. ;-)

Permalink Reply by joe beauchamp on October 11, 2010 at 6:57pm

I've been asked a few times for the balance on the 2nd - For Fannie Mae, they give 8% of balance.

You do bring up a point, however, when both loans are with BofA, the negotiator is supposed to handle that. I had one truly below spec subhuman brain who was telling me that the BofA 2nd wasn't going to accept the short sale unless seller paid $X.

So, think about that. The BofA negotiator is willing to force the 1st (main investor) into foreclosure because she wouldn't work out with her own 2nd a payoff that would suit it??? Can she be that incompetent? Or is this another one of their lying games to squeeze more money. Well, she did several other very stupid things, so it would be unfair for me to ask your opinion without balancing the weights between BofA people taught to lie to get as much $ as possible and BofA people unable to make out the fries symbol on the button...

(Hmmm... I guess, in retrospect, it is safe to say that between incompetence and negotiating in bad faith greed, BofA is really "fair and balanced". Hadn't thought of that before - OK, time for another beer - this BofA drinking game is really getting to me... HA!)


Jeff Payne said:

I agree with Joe, I have not seen that on equator either. Is the second a BofA loan or with another lender? Why would they care what the balance is on the second, they should only be concerned about what the second wants as a short payoff.

joe beauchamp said:

OK, I process short sales all day, lately, all of my, except for 2nds, is in equator. I know of no place in the equator counter to put the unpaid balance, just what is offered for the 2nd lien.

I assume this was a separate question from the negotiator - I'm curious who he is that he threw upb at you, but on the other hand, if he really said upb payoff, never mind, he doesn't know how to ask a simple question..?

If he used real english and you simply compressed it, well, I would like to know who he is - it is very unusual to run into a negotiator at BofA who has a clue of accounting terms -- OK, of accounting in general, for most of them. ;-)

Permalink Reply by Shannon Jones on October 22, 2010 at 1:35pm

joe beauchamp said:

I've been asked a few times for the balance on the 2nd - For Fannie Mae, they give 8% of balance.

You do bring up a point, however, when both loans are with BofA, the negotiator is supposed to handle that. I had one truly below spec subhuman brain who was telling me that the BofA 2nd wasn't going to accept the short sale unless seller paid $X.

So, think about that. The BofA negotiator is willing to force the 1st (main investor) into foreclosure because she wouldn't work out with her own 2nd a payoff that would suit it??? Can she be that incompetent? Or is this another one of their lying games to squeeze more money. Well, she did several other very stupid things, so it would be unfair for me to ask your opinion without balancing the weights between BofA people taught to lie to get as much $ as possible and BofA people unable to make out the fries symbol on the button...

(Hmmm... I guess, in retrospect, it is safe to say that between incompetence and negotiating in bad faith greed, BofA is really "fair and balanced". Hadn't thought of that before - OK, time for another beer - this BofA drinking game is really getting to me... HA!)


Jeff Payne said:

I agree with Joe, I have not seen that on equator either. Is the second a BofA loan or with another lender? Why would they care what the balance is on the second, they should only be concerned about what the second wants as a short payoff.

joe beauchamp said:

OK, I process short sales all day, lately, all of my, except for 2nds, is in equator. I know of no place in the equator counter to put the unpaid balance, just what is offered for the 2nd lien.

I assume this was a separate question from the negotiator - I'm curious who he is that he threw upb at you, but on the other hand, if he really said upb payoff, never mind, he doesn't know how to ask a simple question..?

If he used real english and you simply compressed it, well, I would like to know who he is - it is very unusual to run into a negotiator at BofA who has a clue of accounting terms -- OK, of accounting in general, for most of them. ;-)

Permalink Reply by Shannon Jones on October 22, 2010 at 1:38pm

The second is with PNC. And it actually requested "upb payoff for 2nd lienholder" We finally uploaded a copy of the mortgage statement, the payoff balance, and an email from the PNC negotiator indicating what PNC would accept. The first two counters from BofA offered ZERO to PNC. Now, they've upped it to $3,000 -- which is a far cry from the $19,000 PNC is requesting (on a $49,000 second). Buyer will contribute $5,000 and seller %1,000, but I'm not sure that BofA will actually allow it..... Any suggestions??




Shannon Jones said:

joe beauchamp said:

I've been asked a few times for the balance on the 2nd - For Fannie Mae, they give 8% of balance.

You do bring up a point, however, when both loans are with BofA, the negotiator is supposed to handle that. I had one truly below spec subhuman brain who was telling me that the BofA 2nd wasn't going to accept the short sale unless seller paid $X.

So, think about that. The BofA negotiator is willing to force the 1st (main investor) into foreclosure because she wouldn't work out with her own 2nd a payoff that would suit it??? Can she be that incompetent? Or is this another one of their lying games to squeeze more money. Well, she did several other very stupid things, so it would be unfair for me to ask your opinion without balancing the weights between BofA people taught to lie to get as much $ as possible and BofA people unable to make out the fries symbol on the button...

(Hmmm... I guess, in retrospect, it is safe to say that between incompetence and negotiating in bad faith greed, BofA is really "fair and balanced". Hadn't thought of that before - OK, time for another beer - this BofA drinking game is really getting to me... HA!)


Jeff Payne said:

I agree with Joe, I have not seen that on equator either. Is the second a BofA loan or with another lender? Why would they care what the balance is on the second, they should only be concerned about what the second wants as a short payoff.

joe beauchamp said:

OK, I process short sales all day, lately, all of my, except for 2nds, is in equator. I know of no place in the equator counter to put the unpaid balance, just what is offered for the 2nd lien.

I assume this was a separate question from the negotiator - I'm curious who he is that he threw upb at you, but on the other hand, if he really said upb payoff, never mind, he doesn't know how to ask a simple question..?

If he used real english and you simply compressed it, well, I would like to know who he is - it is very unusual to run into a negotiator at BofA who has a clue of accounting terms -- OK, of accounting in general, for most of them. ;-)

Permalink Reply by Mary Carson on October 25, 2010 at 11:25am

I'm in the same situation - BofA HAFA short sale - 2 mortgages - both used to purchase the home - both with BofA. This is supposed to be a HAFA short sale -

The offer worksheet asks for:
2nd Lien Release Amount
Please enter the proceed amount that will go to the second lien. We haven't talked release amounts with 1st or 2nd -
So what do I enter here?