I've posted on here before about a short sale I'm struggling with where the homeowner has a first w/BofA and a 2nd with PNC. I finally got short sale approval this week, but on the approval letter BofA didn't reference any additional funds going to the 2nd lienholder beyond the $3,000 they're allowing from the proceeds. In our last counter, the notes referenced $8500 total, going to PNC. Now PNC is insisting they must get $20,000 or they will deny the short sale and close the file. I've gone on a fund-raising mission and come up with it, a combination from the seller, the buyer, and agent commissions. The buyer's lender won't allow a contribution to the lienholder, but will allow him to pay commission to his agent, so the agent commission portion of the contribution is pretty sizeable. My plan is to send a revised estimated HUD-1 to BofA and ask them to please modify the approval letter to reflect the additional funds that will be going to PNC. However, I'm wondering if anyone has had any success with getting them to do that? (Both allow that additional contribution to a 2nd lienholder from other sources and modify a letter to reflect that they're allowing it.) We're OK with all the other terms in the short sale approval letter.
Thanks in advance for your help!
Shannon Jones
Tags:
I just got BofA to allow more funds to go to the second in the form of cash contributions from the agents and buyer. They said they didn't care where the cash was coming from as long as it wasn't from the seller. (BofA is paying $1750 to the second and we have cash contributions of $2750...that's a long way from the $20k you are talking about though.)
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.