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All Forum Posts by: ERIC E

ERIC E has started 2 posts and replied 12 times.

Foreclosures

Post: anyone getting BOA approvals on their short sales?

ERIC EPosted
  • Real Estate Investor
  • SPRING HILL, FL
  • Posts 12
  • Votes 0

Since they instituted a clause in their approval letter that says they will rescind the short sale transaction if the property is resold within 30 days . This is provision # 10 in their short sale approvals which is policy they adopted from countrywide when they acquired them.
If you have your title agent or attorney challenge this verbiage, BOA/COUNTRYWIDE will usually replace # 10 with a new clause that is even more broad based and prohibitive for flips/resells.
has anyone else experienced this? , or challenged this successfully?

0 Votes
Foreclosures

Post: Negotiating with lender who has filed chapter 11

ERIC EPosted
  • Real Estate Investor
  • SPRING HILL, FL
  • Posts 12
  • Votes 0

Hello
has anyone negotiated with a lender who has filed chapter 11?.I'm getting ready to negotiate a short sale with Thornburg mtg who has filed chapter 11 may1st. they need to liquidate all remaining assets according to the filing. What can I expect-an easier process or more difficult to get an approval?
Thanks

0 Votes