My seller had a BOA Heloc as a 2nd on an investment property that we are doing a short sale on. BOA sent the seller a letter saying they were going to dismiss the balance and close the loan in 30 days if she did not respond to the letter. That's well and fine and made my job easier not having to negioate with a 2nd lender. Here is the problem, the letter that BOA sent says nothing about filing a release against the property. We called BOA and they said they would be filing the release but it would take up to 90 + days and won't give us anything in writing. Their suggestion was to have the title company call them and they would verballly verfify they were releaseing the lien. Any suggestions? I need to close in 15 days.
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Try contacting Bank of America's Reconveyance Department -
Recon Trust
Lien Release
Post Closing and Central Services
Office: 480-224-5520
Dismiss the balance? Can you attach a redacted copy of the letter? Sounds maybe like they were going to charge it off which doesn't mean the lien is released. Maybe I'm not understanding what is happening, but if we can see the letter I think you'll get more help.
Bank of America seems to be doing this quite a bit on 2nd's due to the recent AG Mortgage Settlement. I haven't heard much about HELOC's being applicable.
http://www.wfmj.com/story/19704747/bank-of-america-to-forgive-15000...
My client just recently had their BOA 2nd satisfied.