I AM REPRESENTING BUYER AND SELLER.
BOFA ON FIRST, PAYING 4k TO SENCOND
SECOND IS GMAC WITH ETRADE AS INVESTOR, DEMANDING 15K. (NO WAY I CAN GET EITHER TO PAY MORE...THERE IS NO WAY)
BUYER IS WILLING TO PAY 11K shortage.
ORIGINALLY I SHOWED BOFA THAT THE DISBURSEMENT WAS BEING PAID FROM BUYER TO THE SECOND, WITHOUT AFFECTING THE ORIGINAL Net to the first required.
The negotiator at BofA tells me that because I am in California the buyer can not contribute towards the 2nd. I called my legal department and they told me that as long as the First lien holder allows it, I can have the buyer pay for it. However, negotiator at BofA says this is illegal.
Now, negotiator at BofA suggests requesting this to Closing officer, that maybe be they will be able to grant me that.
Also, if the disbursement is not possible, the 11K will have to come out of the total commission.
****I am interested in knowing if any of you are familiar with situations like this, and regarding the legality of such disbursements in California.
Thank you very much in advance.
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