All Discussions Tagged 'holder' - Short Sale Superstars2024-03-29T07:03:07Zhttp://shortsalesuperstars.com/forum/topic/listForTag?tag=holder&feed=yes&xn_auth=noCan't get PNC to Budge on 2nd Lien Payoff!tag:shortsalesuperstars.com,2013-06-27:3468065:Topic:3214872013-06-27T20:32:43.768ZKelly Townsendhttp://shortsalesuperstars.com/profile/KellyTownsend
<p>I have a short sale with BofA as the 1st and PNC as the 2nd. PNC wants $15,000. BofA will only give them 8%. I got the buyer to kick in some more and both myself and the other agent are kicking in some commission. We are offering them about 50% of what they want but they are telling me they will cancel the file, that is their bottom line. There is no more money to throw at this and the buyer's already overbid on the property. Any advice?</p>
<p>I have a short sale with BofA as the 1st and PNC as the 2nd. PNC wants $15,000. BofA will only give them 8%. I got the buyer to kick in some more and both myself and the other agent are kicking in some commission. We are offering them about 50% of what they want but they are telling me they will cancel the file, that is their bottom line. There is no more money to throw at this and the buyer's already overbid on the property. Any advice?</p> In middle of negotiation and before expiration of conditional approval, Greentree moves file to Recovery Depttag:shortsalesuperstars.com,2012-09-06:3468065:Topic:2639032012-09-06T06:18:46.032ZPacita C Dimacalihttp://shortsalesuperstars.com/profile/PacitaCDimacali
<p><strong>Has anyone experienced this?</strong></p>
<p><br></br> On August 10, Greentree, as second lien holder, sent conditional approval for $20,0000, with deadline of Sept. 21. They were told that CITI as the 1st lien holder will only approve $8,500. Greentree negotiator said to send her CITI approval in writing once received.</p>
<p>CITI grants written approval Sept 5 ---enough time to meet Greentree's deadline...but when Greentree was called to give them CITI's approval, Greentree…</p>
<p><strong>Has anyone experienced this?</strong></p>
<p><br/> On August 10, Greentree, as second lien holder, sent conditional approval for $20,0000, with deadline of Sept. 21. They were told that CITI as the 1st lien holder will only approve $8,500. Greentree negotiator said to send her CITI approval in writing once received.</p>
<p>CITI grants written approval Sept 5 ---enough time to meet Greentree's deadline...but when Greentree was called to give them CITI's approval, Greentree negotiation said it's too late, that the file was just moved the file to Recovery (next step before collections) . Recover said they will accept $37K to satisfy the loan/lien. However, because the previous negotiator gave a conditional approval August 9, they will accept the $20K, provided that this is not HAFA. So we have to go back to CITI to make this a non-HAFA short sale.</p>
<p><strong>BUT</strong>....has anyone experienced this before? Where in the middle of negotiation with Greentree, and having a deadline to respond by Sept 21, they change gears and write off the loan and send it to Recovery Dept with the threat of submitting the loan to Collections. And that Collection will go after the entire $124K owed?</p>
<p>Need help in finding out how to address beyond getting CITI to re-do the short sale approval, and getting contributions to payoff Greentree.</p> Buyer to "contribute" towards paying off second lender, out of escrowtag:shortsalesuperstars.com,2010-01-15:3468065:Topic:118822010-01-15T23:18:59.887ZPacita C Dimacalihttp://shortsalesuperstars.com/profile/PacitaCDimacali
i need help to better understand this....<br />
<br />
More and more, I'm seeing this situation (and proposed strategy) to help get the second lien holder to cooperate with the short sale by having the buyer write in an addendum that buyer will agree to contribute up to $XXX to pay off second lien.<br />
<br />
I represented two buyers on separate and closed transactions.<br />
<br />
First property had two separate lenders (IndyMac on 1st, Bank of America on 2nd)<br />
Second property had two loans, same lender (Wells Fargo)<br />
<br />
On both,…
i need help to better understand this....<br />
<br />
More and more, I'm seeing this situation (and proposed strategy) to help get the second lien holder to cooperate with the short sale by having the buyer write in an addendum that buyer will agree to contribute up to $XXX to pay off second lien.<br />
<br />
I represented two buyers on separate and closed transactions.<br />
<br />
First property had two separate lenders (IndyMac on 1st, Bank of America on 2nd)<br />
Second property had two loans, same lender (Wells Fargo)<br />
<br />
On both, buyers agreed to pay a certain amount as pay off to the second lender.<br />
<br />
Who else encountered this? What did you do? What are the ramifications of this strategy?<br />
<br />
(Apologies if this is posted more than once....haven't quite got the hang of posting a question or starting a discussion.)