"No reason for it not to close in that length of time unless there are more lenders to work with. Do you know if there is only the "primary" investor? Is there an equity line? "
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Lynn d' Lindsey's Discussions
Bank of America Foreclosure Date of 2-13-12
Started this discussion. Last reply by Lynn d' Lindsey Feb 21. 7 Replies 0 Likes
I just received a listing on a home with Bank of America as servicer for a Freddie Mac loan with India Investor. Here is the question. Does anyone out there know of anyone that could escalate our…Continue
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Lynn d' Lindsey replied to Craig Schneider's discussion What does Analysis stage mean Bank of AmericaLynn d' Lindsey replied to Craig Schneider's discussion What does Analysis stage mean Bank of America"Probably about 30-45 days if the owner just got approved, that is great news!
"
Lynn d' Lindsey replied to Craig Schneider's discussion What does Analysis stage mean Bank of America"Analysis stage generally means the document accumulation is done and the processor is reviewing the documents to see if they are ready to send the package on to a Negotiator. Similar to a buyer obtaining a loan and getting things ready…"
"I recently closed a Chase short sale with two OLD judgements and a bankruptcy. There was also an old lien that had been paid off on the title and was cleared prior to getting the offer. The total owed with the judgements and the mortgage…"
Ben Benita commented on Lynn d' Lindsey's blog post Judgements"een with a prelim. pulled you STILL never know. I have been doing this for 7+ years (yeah, I am just a little crazy), and, twice I have had clear title when we started the process, then, as we nerared closing, twice liens had been field DURING THE…"
Cheryl Lichen-Hooper commented on Lynn d' Lindsey's blog post Judgements"You are correct Ben. You must have an expert Title Company & Escrow Company on your team to find out these things asap. When I have a listing appt, first thing I do is talk to my Title Rep and have them research the sellers name…"
Ben Benita commented on Lynn d' Lindsey's blog post Judgements"Cheryl - that is why it pays to work with a good title company to pull a prelim. title search and get those things cleared as early as possible.
I happen to know a REALLY good one......hint hint....MINE!!!!
;-)"
Cheryl Lichen-Hooper commented on Lynn d' Lindsey's blog post Judgements"I just closed one last week where my seller had an abstract of Judgement placed on him from Ford Motors for co-signing on his daughters car that got repo. Jan. 25th. Seller didn't know anything about this lien placed on him or the…"
"I have never had a short sale close with a judgment. According to the attorneys the buyer in Maine at least can't pay it. There are soooo many obstacles these days."
Christine Frank Fuentes commented on Lynn d' Lindsey's blog post Judgements"Has the seller attempted to either get the judgment dismissed or negotiate it down with a payment plan to be finalized before closing?"
"I've seen lenders allow buyers to pay lien's and not ask for more money. It's in thier best interest to let it happen. Just make sure you disclose it.
Ed
www.edsellsre.com"
Ben Benita commented on Lynn d' Lindsey's blog post Judgements"Know this - EVERYTHING Ont he short sale is negotiable.
As such, expect to hear:
"No, we do not and will not ever pay that"
only b/c that is what is on the script the negotiator reads to you from.
A proper…"
Roberta Hutchings commented on Lynn d' Lindsey's blog post Judgements"I haven't worked a BOA with a judgement, but have with Chase. Their position was that the judgement could not be paid from funds at closing. The seller either had to get the judgement released, or pay it off himself. Luckily, the owner of the…"
Lynn d' Lindsey commented on Lynn d' Lindsey's blog post Judgements"Thank you everyone for your comments. Sale is going forward!"
"I have had luck in getting the seller to negotiate the judgements on their own. Most of the time they will accept less than owed. I believe that BofA will only pay for HOA or Tax Liens.
Best of luck!"
"BofA will allow for buyer to pay for "non-allowable" lien. Just like hoa/utilities. It will not be on the HUD-1 for approval, but will show in the closing HUD-1 for submission. In CA seller is not allowed to show any contributions. If they…"
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- Occupation
- Realtor
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- Lexington, Nicholasville, Verailles in Kentucky
- Short Sale Designations and/or Special Training
- CSSS (Certified Short Sale Specialist)
- Website
- http://lynnlindsey.rhr.com
- Short Sale Transactions Completed
- 5-10
- 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?
- Yes, 5-10 but they were in California, not Kentucky
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- Rector Hayden Realtors. I have been a Realtor since 1974 specializing in Residential, Investments, Commerical and farms.
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- June 21, 2010
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- I agree
Lynn d' Lindsey's Blog
Judgements
Posted on May 4, 2012 at 12:46am 14 Comments 0 Likes
I have a short sale going where there is one judgement against the seller for a funeral bill. Has anyone worked with BOA where the buyer pays for the bill. Do banks typically allow this on a Short Sale; or, will they just counter higher because the buyer will pay the judgement? Has anyone had an eperience with this?
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