Short Sale can't close because of open HELOC with BOA from Previous Owner!!

HELP!! Anyone have an upper management contacts for BOA in their HELOC department..or anywhere for the matter? I just need someone to help...I have a short sale with full approval and ready to close. Come to find out the previous owner was still drawing (unbeknownst to him it was on this property) on it to the tune of $95,000. Now the short sale cannot close until this is satisfied. The previous owner is going to pay it off in full but has not gotten any help from BOA in regards to how to do that. We also need some type of letter from them stating that when the loan is paid off, they will release the lien on the property. Of course no one at BOA has any idea what to do...Any help would be appreciated!


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Matthew J Vernon is the top of the food chain in the Short Sale Dept at BofA - either VP or Pres. His direct email is:
His assistant is Paula Hendrick at 818-225-4877.

the listing agent on a deal I am working on searched long and hard and came up with him. We have been in limbo with them for 3.5 mos. Finally after we both sent him emails (he was at the NAR convention at the time so the email came back with the out of office note with Paula's #) the deal was moved into "acceleration" status. She spoke with people who actually sounded like they knew what they were doing. At this time, our short sale is being handled by someone "assigned by corporate" to hand-carry it through the rest of the process. Of course, she started out by asking for stuff we had just already provided - ie, recent paystubs, new pre-approval and recent bankstatements. Stay tuned! But I hope everyone writes down this guys email address and lets him know how difficult they really are making it for us in the trenches.
This is not a BOA problem, this is a title problem! The title company who issued the insurance needs to research this. This means that title was not conveyed properly when the previous owner sold. Go back to that title company and raise hell.
Joseph is correct...get Title involved ASAP and you'll be ok.
Title company is involved...they have proof that they sent the full payoff and asked BOA to close the account. Problem is, the previous owner (an older guy that has about $10 million in loans with BOA - commercial and residential) did not realize that he was drawing on the wrong account, BOA never closed it and now there is a $95,000 lien. Title insurance company says they can't do anything since their title agent did their job correctly.
That's BS. If title sent payoff on the account, it should be closed. Title co needs to drop it from title.
Your right



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