Payoff subject property

[laurap]

I have my primary residence in short sale process. Today the documents received in BoA site says PAYOFF SUBJECT PROPERTY. Has anyone seen the same message before? Any clues, please reply..

I also have papers submitted for workout through NACA. But not sure which one is active.

[Moe Bedard]

Hi laurap,



Welcome to the forum and thank you for joining.............

Do you own more than one property?

Have you contacted CW to ask what the notation to your account means?

[laurap]

Thanks for the reply.

Only one property. It was on the shortsale process from March 20th onwrds and not got any approvals so far. We have submitted all the paperwork to NACA last week they said we will send Restructure to CW.

we don't know current buyer will walk away soon due the time waiting with CW. Will NACA proposal will get accepted by CW?

Thanks for the support

[Moe Bedard]

I am not sure if your proposal will get accepted.............but that may be the reason why they are not answering you on the Short Sale...............CW will not work on a short sale and a modification at the same time.

[laurap]

I do not want to cancel the short sale since it almost reached second negotiator and not sure if the NACA workout will be successful in reducing principal as I have requested.

Have you heard if they have reduced principal in any of the approved cases??

Thank you.

[Moe Bedard]

I have not seen investors giving principal reductions for modifications..........

[laurap]

Thanks ***_Damiano. I think then short sale is a better option for me. but since NACA has promised and is fighting for principal reduction for me, i dont want to cancel the loan modification also. i'm not sure what to do now.

[Moe Bedard]

that is a personal decision that only you can make.................NACA is only able to get an approval for what the investor that holds the loan is willing to do...........so you will have to see what they come back with...........unfortunately, they would not be able to make any guarantees or promises of principal reduction because of that.