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Comments
Great work as always Ben!
winner winner winner - Jim nails it.
Bank of New York is the "Trustee" (or entity in charge of decision making) for a private investment trust that holds this note.
Bank of America is the "servicer" for the Trust
Although lower level persons at Bank of NY CLAIM they do not make the decisions, fact is, they DO have authority to make exceptions....which is EXACTLY how I got $9600 in condo fees APPROVED on a $115,000 condo in Virginia.
The kicker - my negotiator at B of A said, and I quote:
"Ben, we do NOT pay delinquent condo fees in VIrginia, it is one of our guidleines, no excpetions"
Uh, really, apparently HE DIDN"T REALIZE WHO HE WAS UP AGAINST!!!!
Winner in the end -
Seller - No foreclosure and no condo association chasing her
Agents - They get PAID where they otherwise would have not!!!!
All good....WHOSE NEXT!!!!
Keep fighitn guys....got short sales, let me help!!!
Ben, I'm almost sure this is a mortgage backed security trust. Thus Bank of NY plays the role of investor for the trust, except it's still not their money, so they still don't care. These deals can be a rudderless ship, and in my experience the trustee doesn't get involved no matter how bad the servicer screws up.
I get scared when Ben asks for advice :) The master looking for help!!! I wonder if this just means that BofA has delegated authority to make the decisions for Bank of New York. Just about ALL of my REO with BOFA actually say Bank of New York is the owner, yet BOFA is who hires me to sell them and BOFA signs all of the paperwork