"I have never heard of it being a violation. Some 2nd mortgages participate with 1st lien investor guidelines and other's don't and the gap needs to be closed if possible. Obviously the 2nd needs to be negotiated down or you need to show…"
"Perhaps it is in the investor guidelines so they are required to ask. They can ask for whatever they want. Subject to negotiation. Sometimes it is a sign that the investors do not want to participate in the short sale. That they feel it is more…"
Is it a federal violation or breach for the 2nd mortgage to request additional funds over the amount that the 1st mortgage is willing to pay the 2nd? I have Wells Fargo wanting an additional $34,000 over what the 1st morgage is agreeing to pay the 2nd. See More
"I need help. I am preparing an addendum for the buyers to contribute additional funds to the second mortgage, Wells Fargo) to satisfy the lien. This is what I wrote: Buyers and Sellers agree that Buyers will contribute $$$$$$ to…"
As Broker/Owner of RE/MAX Solutions, I have been successfully closing short sales for the past t years. I Service Springfield, Missouri and surrounding areas including Ozark, Nixa, Republic, Willard, and Rogersville for the past 22 years. Recently completed the CDPE Training through RE/MAX.
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I have not found anyway to speed BofA up, I have a great contact that is a senior level supervisor and she even struggles to push them along. Stay in contact.. As far as REO trans, my understanding is that only new files are being assigned there.
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