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CCO Mortgage is the 2nd lien holder and BOA is the 1st lien holder.

The contract is for $170,000 and the payoff for BOA is $137,517.71 and the payoff for CCO Mortgage is $28,900.  WE are really only short on the 2nd mortgage.

MY pre-lim HUD gave a total payoff for BOA and CCO Mortgage would get $14,647.50.  Commission was at 6% and the buyer was asking for 3% of closing costs and prepaids to be paid by seller or 3rd party.

Well neither 3rd party or sellers will pay the 3%=$5100.  CCO Mortgage is telling me that they don't care how the 3% seller concessions is paid, they (CCO Mortgage) want to net $21,579.  So if I want the contract to work she said the seller, buyer or real estate agents would need to pay the 3% back for seller concessions.  Well not going to happen if Real Estate agents pay...ridiculous.

I have a payoff letter from BOA for the $137,517.71.  But now the real estate agent on the other side is stating that I have to run the short sale thru the first mortgage BOA, because the title company won't close on the contract if not OK'd by first mortgage.  I keep telling her that we aren't short on the first only the second.  I explained I have a payoff letter for the first mortgage. 

What do you all think?  Do I need something from BOA approving the short sale even though with this contract price they would get paid in full?  I was told in one discussion not needed to go through BOA.

Any thoughts?  Also what do you think about CCO Mortgage not giving up the $5100 for seller concessions?  Plus CCO Mortgage only gave me 7 days to complete the sale!  Crazy!

I think they are going to have more of an issue and get less money down the road if they don't work with this contract.  I also explained that to the negotiator and processor.

Your help is greatly appreciated.

Patty Henry