I have a property whose first is BOA and second is GMAC. This is a co-op short sale. BOA offered $ 8,500 to GMAC, but they are requesting 15,000. The seller is receiving almost 10k from BOA as an incentive and seller was going to give the remaining $6,500 to GMAC. Now BOA is saying that they cannot receive that amount due to a law passed saying that second liens can only accept 10% or $8,500. This is for HAFA loan, but this is NOT HAFA. How do I go about getting BOA to allow seller to contribute towards second? 

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DM,

As Ron has stated stepping into the gray zone may be the only way to close this unless you are willing to get the 2nd to settle for 8,500. With the right escalations and communication it may be possible to get GMAC to come down to 8,500. Also, you should research to see if this was going through a traditional short sale if contributions to the 2nd would be allowed.

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I had a case similar to this recently, but the junior lien was from the HOA, not another mortgage. The seller was able to use their co-op funds to pay the HOA, but it had to be reflected on the HUD that the money was coming out of the HIN incentive. It was, however, no small task. It took about 9 HUD revisions before BofA finally came to a consensus on how they wanted it placed on the HUD. I would escalate to the Executive Office & see if a short sale rep in that department can help you out. We successfully closed that sale 2 weeks ago. 

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