HI Folks:

I think I know the answer, seller has BOA mortgage that originated with Countrywide...they should not affirm the debt correct?  BOA will have a tough time foreclosing?

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Hi Jack,

I am not in real estate or a lawyer, but I believe the "general" answer  to your question is "wrong". My understanding is BOA bought out Countrywide, so they have, in effect, already affirmed the debt. If I am wrong, please let me know.

Affirm the debt? Doesn't that smell a little funny? Probably one of the securitized loans meaning that they sold the loan to the market and now don't own the loan. I have seen BofA games on public record where they do things like record being the servicer years after they got the loan. Judges have made them return all payments made in between because they did not legally record being servicer, etc.

You start with a QWR asking about all payments, etc., sent signature required, etc. They must answer w/in 60 days. Then you can see that a forensic audit will show that they have no right to foreclose. That leads to suing them to stop foreclosure.

Countrywide loans might be many awful things to many people, but to a short sale agent a Countrywide loan is pure gold. Whenever I have an original CW loan with Bank of America, I do a Cooperative Short Sale if at all possible and have never had one rejected. Generally the bank pays a large incentive to the seller too on top of the $2500 to $3000 Cooperative.

Is the seller in Bankruptcy ?  Is that why they are being asked to affirm the debt?  Never heard of any other reason to affirm.

here is my concern.  BOA is unlikely to foreclosure since it probably doesn't have the promissory note or any paper trail at all.  A modification or cooperative short sale require the seller to affirm the debt.  I do not want to jeapordize the seller in the event the short does not close. I have 4 sellers that are 3/4/5 years  in default with Countrywide origniated mortgages that BOA has not been in touch with since they filed the original foreclosure,  the process is in limbo.

These are very easy short sales.Not sure what affirming the debt means but you can be sure BofA can and will foreclose at some point. Do a co-op short sale. Your seller can get some cash and the debt will be forgiven. It's a great short sale. I've done many of them with no issues at all. Of course the sellers should seek legal advice as well.

Brian,

Having never performed a Co-Op short sale...In this case, will BofA determine List Price and Listing

Commission? We have a Countrywide-now-BofA loan..I just want to make certain we give our best effort if there's money on the table for Seller Incentive..sounds like a version of a HAFA Short Sale.

Your thoughts?

Seth

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