http://fridaycoffeebreak.com/topics/real-estate/how-to-get-out-of-a-jam-by-a-misguided-pre-foreclosure-guru/ Weekly Preforeclosure Updates from Patrick Precourt Tue, 08 Nov 2011 16:01:16 +0000 hourly 1 http://wordpress.org/?v=3.3 http://fridaycoffeebreak.com/topics/real-estate/how-to-get-out-of-a-jam-by-a-misguided-pre-foreclosure-guru/comment-page-1/#comment-126 Rich Steffen Fri, 07 Aug 2009 15:55:50 +0000 http://fridaycoffeebreak.com/?p=321#comment-126 Pat, in regards to the BOA handling of 2nds - I have tried using Prom Notes as an alternative on every one I've had (4 so far)and their response has been, "we are not issuing promissory notes for less than the full balance without our recovery dept. performing their due diligence on the X-borrower's ability to pay". The amount they have required so far to give a settled account status has been too high to make the deal work. So we have been stuck using the lesser of evils approach of, "your shortfall balance will be bigger with a FC than a SS." Pat, in regards to the BOA handling of 2nds – I have tried using Prom Notes as an alternative on every one I’ve had (4 so far)and their response has been, “we are not issuing promissory notes for less than the full balance without our recovery dept. performing their due diligence on the X-borrower’s ability to pay”. The amount they have required so far to give a settled account status has been too high to make the deal work. So we have been stuck using the lesser of evils approach of, “your shortfall balance will be bigger with a FC than a SS.”

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