Short Sale

I have a short sale that was suppose to close twice. Bank of America is first lien holder, PNC is second lien holder. I got the first negotiated first then the second. The first was paying the second $6,000. The second wanted an additional $5500 so the buyer and myself were going to pay it. We put it on the preliminary HUD but when the bank saw it they declined it. PNC would not budge. It took so long for them that they made us start all over and did another BPO which was 19,000 more. We were still able to get Bank of America to approve it but the day prior to settlement, the investors denied it unless the buyers came up with 19,000 more. The investors are Freddie Mac and they have all the power. Bank of America will not do a short sale now on the home and want the sellers to do a deed in lieu of forclosure.

The buyers desperately want the house. Are there any other options that I have not explored???

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Permalink Reply by Bryant Tutas on July 3, 2012 at 1:25am

Hi Laurie. I seriously doubt BofA will do the DIL with there being a 2nd with PNC. They would have to assume that debt.

I would escalate this to:

***Need Help? Try this:

http://twitter.com/#!/bofa_help or email [email protected] 

 http://social.bankofamerica.com/

 

For tweets please do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.

See if they may have some suggestions or contacts with PNC. BofA has liaisons with many of the lenders and they can help

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