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BofA services first and second, what's the procedure?

Posted by Dan Parrish on July 21, 2011 at 7:59pm in Short Sale Discussions

I put both loan numbers on the third party authorization, and listed $3,000 for the second on the HUD.  BPO done, currently in "Offer Analysis" status in Equator.

 

Will BofA issue both approval letters or do I need to specifically request an approval for the second from a different department?

 

The second was a BofA HELOC issued along with the first, not used since initial draw at purchase.

 

Thanks in advance for any advice!

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Replies

  • Ray Snook July 22, 2011 at 2:19pm
    It is important not to assume that the second is being negotiated by the same person - I would advise emailing the negotiator and asking them directly if they handle both loans.
  • Kathleen Couch July 22, 2011 at 5:53am
    It has been my experience that they put both loans together, and deal with it as one.  You do not have to negotiate it any further with BOA.  Some banks you do.
  • Cody Lampariello July 22, 2011 at 5:17am

    In many cases the negotiator for Bank of America will work with both loans. I find the best thing to do is submit the entire package through equator on the primary and verify with the negotiator that he is working on the second loan as well. Since it is a HELOC it is a little less likely that he will be but still possible. If not there is a seperate package that needs to be filled out for them. I am having my web designer upload the document to my website if you need it. Should be there by the end of the day. Document Center

     

  • Kimberley Kelly July 22, 2011 at 3:32am
    You have to go through HELOC department.  Even if not used, they have to issue you a letter or your Escrow Co. has to get "Release in Full"...good luck. 
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