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Permalink Reply by Enrique Vasquez-Plaza on August 5, 2011 at 6:32am

My particular experience with BofA is that THEY ALWAYS TAKE CARE OF THE SECOND LIEN, AND THEY themselves decide how much goes o the second if the second is indeed serviced by BofA.

 

If you check the HAFA approval, it says (it may say) that they will allow up to 6K for the second and that you should go an negotiate...  Well, I would ask anyways, but ussually they take care of that, it would surprise me to be otherwise...

 

If you have a final approval, this approval should mention how much is going to the second, ussually at the bottom of first page when it is shown how much goes towards 1st net, cash contribution, etcc...

 

If you do not have an approval, but you have a HAFA price acceptance (which is not a final approval just guidelines as of how to proceed with HAFA listing, comm allow, 3K to seller, and other guidelines...) because it requires you to submit the request for approval of short sale along with the offer once you get one.  

 

Once this has been submitted, and you have gone through all that drama, BOFA will provide the approval containing the buyer name and closing costs to be paid, along with how much is going to the second.  This constitute the approval for the 2nd as well.

 

I hope this helps you. 

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Permalink Reply by Eric Mieles on August 7, 2011 at 3:04am

Deborah, Just to be sure I always call in and have them look up the 2nd and the details. I then always have them make sure to tell me they are attaching the 2nd to the 1st and both will be handled. You don't want any surprises and for your next one just try to nip that as early as possible.

Let us know how it goes.

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Permalink Reply by Deborah Underwood on August 8, 2011 at 4:08am

Thanks so much!  Will do...

Eric Mieles said:

Deborah, Just to be sure I always call in and have them look up the 2nd and the details. I then always have them make sure to tell me they are attaching the 2nd to the 1st and both will be handled. You don't want any surprises and for your next one just try to nip that as early as possible.

Let us know how it goes.

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Permalink Reply by Deborah Underwood on August 8, 2011 at 4:09am

I sure appreciate your prompt and generous response.  I will do just that.  What a great resource this forum is!

Enrique Vasquez-Plaza said:

My particular experience with BofA is that THEY ALWAYS TAKE CARE OF THE SECOND LIEN, AND THEY themselves decide how much goes o the second if the second is indeed serviced by BofA.

 

If you check the HAFA approval, it says (it may say) that they will allow up to 6K for the second and that you should go an negotiate...  Well, I would ask anyways, but ussually they take care of that, it would surprise me to be otherwise...

 

If you have a final approval, this approval should mention how much is going to the second, ussually at the bottom of first page when it is shown how much goes towards 1st net, cash contribution, etcc...

 

If you do not have an approval, but you have a HAFA price acceptance (which is not a final approval just guidelines as of how to proceed with HAFA listing, comm allow, 3K to seller, and other guidelines...) because it requires you to submit the request for approval of short sale along with the offer once you get one.  

 

Once this has been submitted, and you have gone through all that drama, BOFA will provide the approval containing the buyer name and closing costs to be paid, along with how much is going to the second.  This constitute the approval for the 2nd as well.

 

I hope this helps you. 

• ▶ Reply