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Full release from B of A

Posted by David Wiggins on September 10, 2010 at 3:33am in Short Sale Discussions
We just received a "full release" for a client from B of A. They first asked for $5,000 cash or a $10,000 note and did not mention release of liability on the note. I questioned the negotiator and he came back with the "release" verbiage. We then received final documents without a release of liability. Dealing with a different negotiator now and she advised our client's loan did not allow for a full release. I went back to the original negotiator and he passed it on to his manager. This a.m. we did get a letter with full release for our clients. All in all, this transaction went well.

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Replies

  • Susan Motta Knight, LLC September 15, 2010 at 3:09am
    Good for you David, I am negotiating with Wells Fargo and the exact same thing happened accept that WF now says the investor is FNMA and they will always reserve the right to collect. Any advice or comment? They did verbally agree to release him.
  • Wendy Rulnick September 11, 2010 at 3:41am
    David - Was this is junior or senior lien? What state are you in? What does the exact language say in the letter (snippet would be great!). Thank you!
  • diane turner September 10, 2010 at 6:10pm
    How long did this process take - from loading the docs into Equator until the approval comes thru? Our docs were uploaded in July and we were expecting it to be done within 90 days....
  • Laura Marshall September 10, 2010 at 3:16pm
    This didn't happen to be a Freddie Mac file did it? I'm having a bear of a time trying to get a release on a Freddie Mac. Thanks!
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