I received my approval letter from BOA which included 8% of what was owed to Real Time Resoultion the second lien. BOA also gave HIN incentive to borrower. I sent HUD to RTR. They want the 8% plus the HIN incentive. I haven't reply to their offer, does anyone have any suggestions on how to handle this situation. The borrower needs some of the money to pay expenses that are pass due such as water etc..

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I would start by saying 'absolutely not. The 1st mortgage is ONLY allowing 8% and they will not allow any payments outside of closing.'

When you say absolutely not, what are you referring to.

I think absolutely not means the HIN incentive is not part of the settlement, the second is getting 8% and nothing more.  Tell them the first will not allow it.  How much is the HIN incentive?

The incentive is $9065.38. Could this cost me the deal? I have working on this for about 8 months now and its been such a nightmare. So I should just inform that second that BOA will not allow for them to have the HIN incentive?

2nd Lien holders are in a terrible negotiating position and the only thing they can do is bluff.

Will my seller end up paying taxes on the HIN incentive?

1) Tell the 2nd to put what they want in writing via a letter on their Letterhead.

2) Send that Letter to the 1st.

3) Tell the 2nd they are getting 8% - paid by the 1st at closing - and nothing more.

4) I did not see anything about "outside of closing" except in response by another Superstar - but if they do ask for something to be paid Outside of Closing, tell them to put that in writing also since it's illegal.


You will find when you ask RTR to put it in writing, they will not - so as I have told others, record the telephone call in accordance with your state law.


RTR is a Debt Collector and they will be relentless in attempting to collect.


Good luck !

I just wrapped up a 13 month ordeal with Bank of America and Real Time Resolutions. RTR would not budge from wanting 20% of their balance and B of A would only offer 6%. Finally, I was able to get a hint from RTR to come back with our best offer and to remember that they would not accept anything less that 10%. We were able to make up the 4% difference with a Buyer contribution which was shown on the HUD and given the ok by B of A and RTR. What a nightmare! Glad its over. Good luck.

I've had a couple like yours..........  Also SLS (Specialized Loan Services) operates exactly the same way as RTR.  I won't take any short sales with any f the following;

  • ING
  • SLS
  • RTR
  • HSBC
  • REDC
  • Cal-HFA
  • Anything with SBA liens


You seem like the man to ask.  I have a short sale first with ING second with B of A, offer has enough to cover first and give second 30k on a 160K loan.  I have been going through Equator as they directed but just get run around, can't I just open an escrow and then call and negotiate it out, seems like i am out of position the way it is.


Thanks for any direction, I should stay away from short sales.



Diane -

You need a Payoff Demand from the 1st good thru your projected closing date.  That, along with an estimated HUD-1 for the 2nd should be good to get started.  Yes, you can open escrow (it won't matter to BofA whether you do or not) .  Have you received any tasks in Equator?  Are you sure the loan is still with BofA - or - has it been sent to collections since it's a 2nd?  You need nothing from ING to do your short sale if they will be paid in full (that's why you need the payoff demand - in case there are legal fees, past due amounts, etc.)

Good luck !

First, if you want to get anything done you need to talk to Luke Stone. He is the only rep that ever returns calls and actually communicates. Sit and listen to the phone prompts until you get his extension. Bonita is correct. RTR (and SLS) hold out for 20% but you should be able to get them to settle for 10% after you've fought the fair fight for a while and show that you've tried to get them more $$$. I don't think I'll take another listing with RTR...I recently closed one and JUST BARELY got them to agree to an amount on another when they sold the stinkin' loan to another group like theirs....uuuuuuuggh.



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