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Second mortgage help!

I have a situation with Bank of America as the first and Real Time Resolutions as the second. Bank of America has allowed them $800 and Real Time won't budge off of $3000.00. $2200 doesn't seem like much but I can't find a way to bridge the gap. Any recommendations?

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Permalink Reply by Joseph C. Alfe on January 12, 2012 at 8:52pm

What is the balance of the second? BOA should be able to get them up to 10%, or $6,000. If not, get the rest from the buyer. Basically, it's a lender counter, so treat it as such. Tell them, "Great news! We are approved at only $2,200 more than the current contract. We do not need to change the offer, you must bring the cash to close and it will show on RESPA as a buyer contribution to junior lien."

Permalink Reply by Susie Genet on January 12, 2012 at 9:07pm

We managed to get this resolved, it is a fannie mae loan, B of A would only give 6% to the second max and would not let any contributions from any other source go to the second. The good news is when RTR found out it was fannie mae, they backed off and accepted the 6%. We have approvals from both and are moving on!

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