We are in escrow with this property. The sales price$1,050,000 is adequate to pay 1st and 2nd in full. BofA has the 1st, Citi has a 2d. BofA and also holds a 3rd but even though the Citi loan was placed 2 years prior to the BofA 3rd. BofA claims it did not intend to be in 3rd. at the time it allowed a $500K line of credit to be approved. BofA 1st. and Citi 2nd will be paid in full from the net proceeds of the sale. BofA 3rd may receive about $8K from the remaining net proceeds. The borrower died In Feb. 2010. So there is no liability to anyones credit. 1st and 2nd are both ready to close escrow. The buyer is getting a bit anxious about the response from the 3rd. because the 3rd has stated they did not intend to be 3rd. and have placed an inquiry with their insurance Co. to get a response which may take an unknown amount of time to resolve. Any Suggestions on how to move forward and get the 3rd to go away. We obviously want to protect the new buyer by providing a clean and clear title.
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