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Short Sale with a Home Equity line as a second lien holder

Posted by Edily Garcia on September 24, 2018 at 5:57am in Short Sale Discussions

Hello Everyone, I want to know if someone can help me.

Am working a short sale with Wells Fargo but the House have a home equity line with Bank of America for the amount of 100,000.00 but the borrower only ows 30,000.00 to bank of america. Wells Fargo want a letter from bank of america saying that bank of america is a second lien holder and wells fargo the first but bank of america wants to open a short sale for the home equity line they don't want to negotiate the lien as a second lien holder. 

Is anyone out there that can help me with this situation.

Thank you in advance. 

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Replies

  • Ben Benita October 9, 2018 at 8:04am

    Brett is correct, I'd have title pulled.  Looks like you just need to do a short sale with B of A and you can wrap this one up!!!

    703.926.1533

    ben.shortsalesdone4you@gmail.com

  • Minna Reid September 26, 2018 at 6:01am

    Who is actually recorded on title in first lien position? What are the balances owed to Wells and BOA (roughly) and how much is the home selling for?

  • Jonathan Katz September 24, 2018 at 10:04am

    Are you saying BOA HELOC is stating they are in 1st position? What does title show? If that's the case you need to escalate at the respective servicer to clear up the lien position status.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Edily Garcia > Jonathan Katz September 26, 2018 at 4:42am

      Yes, this is exactly the story. they want to make a short sale too.

      Thanks for the information.

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