BofA terminology - please explain

I have a BofA short sale with a very large IRS lien. In their counter they have "Other Lien(s) Release Amount" and "Cash Contribution to 1st Lien." What is the difference. There is only one other lien and it's the IRS one. Please help me understand the difference between these two. They have different amounts for each.

0 members like this

▶ Reply to This

Replies to This Discussion

Permalink Reply by Jayne Sanders on December 18, 2011 at 4:22am

Other liens release would be the release of the IRS lien(usually with no money). Cash contribution is the money the seller is paying the lender to release and/or satisfy the mortgage...it is paid at closing Jayne

▶ Reply

RSS

Welcome to
Short Sale Superstars

Sign Up
or Sign In

Or sign in with:

Members

View All

Badges | Report an Issue | Terms of Service

Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.