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6 Comments on Bank of America Borrower Cash Contribution
LORI,
I agree with most if what you said, although I can't imagine having a good experience with BofA. It just seems my street is longer than yours because I can't see any lights, not even a haze.
If they kept their requests to the way you explained it I think it would be great. Lately, though, they have been asking for the money, plus an agreement to pay the rest of the amount owed AND they won't release the Deficiency under any circumstances. Hopefully, this is a trial on their part because if it become their modus operandi (MO), then we are in for long battles. By the way, I've run across the same requests with Wells Fargo.
Lori - Many people are NOT opposed to bringing some cash or doing a prom note if it ends their plight. As Sidney says, the open-ended threat of deficiency is worrisome.
Someone please help me in this short sale hell. I am a seller who has a relocation team. The team was to buy my home back but it had to be listed 30 days. We found out it was a short sale due to the market. I listed and a person immediately made and offer. They pulled out later because they were afraid they would miss the tax credit period and purchased another home. Then the relocation person offered to buy back my home and then submitted short sale documents to the lender. They lender denied it saying I should have stopped paying my mortgage before asking for the short sale as I was current. They also told me to re-submit after I was in default. It just made no sense to me. In the meantime another offer came in and now they write me and tell me the short sale is agreed upon if I give them either $4000 in ten days or sign a promissary note for $9000 for 90 months or seven years. What is up with this? It makes no sense at all. I have asked my realtor why and they got upset with me for evern asking. Someone please explain to me what is going on. Do you think I should I just walk away from this entire thing? With all of the foreclosures why would the lender do this when I am trying to be a good customer? And why and how does $4000 turn into $9000?
I have to really disagree with this... Why would a buyer balk at a buyer contribution of $10,000???
Are you kidding me? How about because they have already exhausted their savings, drained their retirement accounts and have a mountain of debt from being unemployed for almost a year. Short sales are a last resort and it's not unusual for the people who request them to not have that kind of money lying around. Or, even $3000... If you have no savings, you HAVE NO SAVINGS!
This is just the latest bank scheme to screw people who can least afford it even further.
FYI.... I read this from other website...
Lender Requests for Seller Contributions
Lenders are starting to go after money in a seller’s bank or retirement accounts before they approve a short sale request. Increasingly, banks are asking Sellers (via their Realtors) to sign over a Note for the amount they have in the bank as a condition of sale. However, in states where mortgage debt is non-recourse, lenders have no right to these funds, and Realtors who suggest otherwise can be liable for negligence.
Had this happen to 2 of my BofA short sales recently. I got them all waived. If you fight it, they will back down. The problem is, they know many agents and borrowers will accept their terms to close the deal, so they do it.