Freddie Mac Subordinate $6000 variance? - Short Sale Superstars2024-03-29T07:00:57Zhttp://shortsalesuperstars.com/forum/topics/freddie-mac-subordinate-6000-variance?commentId=3468065%3AComment%3A388278&x=1&feed=yes&xn_auth=noFREDDIE MAC: Is the 2nd Mort…tag:shortsalesuperstars.com,2017-07-28:3468065:Comment:3886992017-07-28T15:15:40.128ZBill Garretthttp://shortsalesuperstars.com/profile/BillGarrettWilmingtonDE
<p>FREDDIE MAC: Is the 2nd Mortgage Required to Waive Deficiency?</p>
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<p>I know Freddie has a $6k cap for junior liens. </p>
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<p>Does Freddie require the 2nd lien to waive the deficiency (in addition to releasing lien) in exchange for the $6k? </p>
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<p>Thanks. Bill Garrett <a href="mailto:bgarrett@wardtaylor.com">bgarrett@wardtaylor.com</a></p>
<p>FREDDIE MAC: Is the 2nd Mortgage Required to Waive Deficiency?</p>
<p></p>
<p>I know Freddie has a $6k cap for junior liens. </p>
<p></p>
<p>Does Freddie require the 2nd lien to waive the deficiency (in addition to releasing lien) in exchange for the $6k? </p>
<p></p>
<p>Thanks. Bill Garrett <a href="mailto:bgarrett@wardtaylor.com">bgarrett@wardtaylor.com</a></p> The $15,000 can be paid, but…tag:shortsalesuperstars.com,2017-07-11:3468065:Comment:3882782017-07-11T12:01:47.291ZSmittyhttp://shortsalesuperstars.com/profile/Smitty
<p>The $15,000 can be paid, but they won't get the $6000 out of the proceeds, meaning someone else would have to come up with it. I'm surprised that Ditech isn't budging. They usually know the rules. I usually fax in proof that the first is owned by Freddie.</p>
<p>The $15,000 can be paid, but they won't get the $6000 out of the proceeds, meaning someone else would have to come up with it. I'm surprised that Ditech isn't budging. They usually know the rules. I usually fax in proof that the first is owned by Freddie.</p> Same here but thought I'd che…tag:shortsalesuperstars.com,2017-05-08:3468065:Comment:3858712017-05-08T19:50:39.797ZJustin Berryhttp://shortsalesuperstars.com/profile/JustinBerry
<p>Same here but thought I'd check. They aren't budging. Yeah, we're not going into contribution land. Thanks very much for your reply. </p>
<p>Same here but thought I'd check. They aren't budging. Yeah, we're not going into contribution land. Thanks very much for your reply. </p> No, never heard or seen FHLMC…tag:shortsalesuperstars.com,2017-05-08:3468065:Comment:3859392017-05-08T15:09:03.850ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>No, never heard or seen FHLMC allow more than 6,000 to a subordinate lien as that's a hard set guideline. Generally you need to get the subordinate liens to play ball with FHLMC guidelines. At times 2nd's will try to get people to step into the grey zone of contributions. Be wary.</p>
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<p>Brett@ishortsalenow.com</p>
<p>310-564-6389</p>
<p><a href="http://www.ishortsalenow.com" target="_blank">www.ishortsalenow.com</a></p>
<p>No, never heard or seen FHLMC allow more than 6,000 to a subordinate lien as that's a hard set guideline. Generally you need to get the subordinate liens to play ball with FHLMC guidelines. At times 2nd's will try to get people to step into the grey zone of contributions. Be wary.</p>
<p></p>
<p>Brett@ishortsalenow.com</p>
<p>310-564-6389</p>
<p><a href="http://www.ishortsalenow.com" target="_blank">www.ishortsalenow.com</a></p>