"
As teh risk of being a smart _______, what is the job title of the persons you are dealing when you call in?
ANSWER - "Negotiators"
by definition, they get paid to negotiate" and get as much money as possible for…"
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Ben Benita replied to Clara Ling's discussion PNC (1st lien) will not pay more than $3k to BoA HELOC (2nd lien). And BoA will not approve less than 20%. Help! in the group Bank of America Short Sales
Joe Beauchamp replied to Clara Ling's discussion PNC (1st lien) will not pay more than $3k to BoA HELOC (2nd lien). And BoA will not approve less than 20%. Help! in the group Bank of America Short Sales"The servicer (PNC) goes by the investor's guidelines. FNMA is 6% max to 2nd, for instance. Most of these people are "negotiatoing". THey are interested in either bringing in a lot of cash or getting the file off of their…"
Clara Ling replied to Clara Ling's discussion PNC (1st lien) will not pay more than $3k to BoA HELOC (2nd lien). And BoA will not approve less than 20%. Help! in the group Bank of America Short Sales"The house is scheduled for a foreclosure auction on Feb 3. The 1st lender (PNC Mortage) said I must have an entire short sale package (including a executed P&S) by Jan 19, 2012 in order to stop the auction. I don't think I have enough time."
"Hi Clara,
I don't think you've really given us enough information to help. I am wondering why you only have until 1/20/12 to get a buyer and submit all paperwork. What are the details? Details, Details. It all boils down to details."
Joseph C. Alfe replied to Clara Ling's discussion PNC (1st lien) will not pay more than $3k to BoA HELOC (2nd lien). And BoA will not approve less than 20%. Help! in the group Bank of America Short Sales"Do not assume that BOA HELOC needs 20%. In case, prepare the buyers to possibly bring extra cash to close to buy out second."
Clara Ling added a discussion to the group Bank of America Short Sales
PNC (1st lien) will not pay more than $3k to BoA HELOC (2nd lien). And BoA will not approve less than 20%. Help!
I just got a short sale listing. It looks to me that my chance of success is very low. PNC (1st lien) said they will not pay more than $3K to a 2nd. The 2nd is BoA HELOC. From everything I read, BoA HELOC will not approve with anything less than 20% of the loan amt. At 20%, it means that the homeowner has to pay $30K out of pocket. The homeowner does not have that kind of money, and I only have until next Friday (Jan 20) to find a buyer and submit all the paper work. Should I even try?Does…See More
Clara Ling commented on Mike Linkenauger's group Bank of America Short Sales"I just got a short sale listing. It looks to me that my chance of success is very low. PNC (1st lien) said they will not pay more than $3K to a 2nd. The 2nd is BoA HELOC. From everything I read, BoA HELOC will not approve with anything less than 20%…"
Clara Ling joined Toby Boyce's group
PNC/National City
Insight into those that are doing short sales with PNC or the former National City Mortgage.
Clara Ling joined Mike Linkenauger's groupBank of America Short Sales
A place to discuss Bank of America short sale programs and share information and help to get mortgage short sales approved.
Profile Information
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- Real Estate Broker
- Short Sale Designations and/or Special Training
- CSSG (Certified Short Sale Guide), SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert)
- Short Sale Transactions Completed
- 0-5
- Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
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- January 11, 2012
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Forum
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