I have a short sale with Bank of America 1st and a 2nd with a collection agency, Compass, who works for the 2nd investor, Carrington. When we started the short sale process B of A sold the 2nd to Carringtion mortgage, who in turn gave it to there collection department.
The property is an investment property with non purchase money 1st and 2nd.
We finally got the approval from the B of A 1st (non HAFA), but they will not give any more then $8500 to the 2nd, per their investor guidelines. Nor will they allow the buyer, or either broker to contribute to the 2nd. The 2nd is requesting $10k more to close the transaction or they will let the 1st foreclose.
Does anyone have any suggestions?
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My first question would be who is the investor on the loan with BoFA? Also it may be possible to get the 2nd to provide an approval for 8,500, but it may take stepping into a grey area.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389
Brett
Thanks for getting back to me, per negociator at equator they won't tell me the investor, but per the National Mortgage Settlement agreement, the investor can only give 8% of the total due to the 2nd with a cap of $8500, I am open to options