If a 2nd has gone to collections, is it impossible to do a short sale?
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Nope, you just have to negotiate with the debt collector. I have done a few and they were not so bad IF you get someone who doesn't think their job is to be jerk and make your life miserable
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Permalink Reply by Sue Irwin on
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thanks Jeff, wish me luck!
Jeff Payne said:
Nope, you just have to negotiate with the debt collector. I have done a few and they were not so bad IF you get someone who doesn't think their job is to be jerk and make your life miserable
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I just completed a short sale where the 2nd was for $95,000 and turned over to LTD Financial for collection. Citimortgage was the lender. Both 1st (WF) and the 2nd went HAFA. The 2nd settled for $6000. It was the easiest 2nd I've ever negotiated.
Good luck
Marcy Spieker
Seattle, WA
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Hi Marcy! We are going to try HAFA on the 2nd as well. Thank you for the encouragement. The 2nd twice as big as yours was, but I'm still hopeful/
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Marcy Spieker said:
I just completed a short sale where the 2nd was for $95,000 and turned over to LTD Financial for collection. Citimortgage was the lender. Both 1st (WF) and the 2nd went HAFA. The 2nd settled for $6000. It was the easiest 2nd I've ever negotiated.
Good luck
Marcy Spieker
Seattle, WA
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Good luck :)
Sue Irwin said:thanks Jeff, wish me luck!
Jeff Payne said:Nope, you just have to negotiate with the debt collector. I have done a few and they were not so bad IF you get someone who doesn't think their job is to be jerk and make your life miserable
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Permalink Reply by Wendy Rulnick on
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As Jeff and Marcy have said, it could go either way. They might be nice and easy, and still dealing with the servicer, or have personality deficits... Either way, you can get it approved. Good luck!
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Permalink Reply by Bryant Tutas on
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In the newsletter today
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Permalink Reply by Becky Martin on
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It can be done, I have one with a 2nd at a collection agency and they want the short sale - better than nothing! We don't have a contract yet but I did contact the collection agency to see if they would be agreeable to the short sale and they said YES.
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Permalink Reply by Roy Chambers on
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The fact it is in collections is irrelevant- if you are the debt collector & you have a choice between something or nothing if sold & auction. Which would you choose? Short sales are about what the house is worth now. Not how much is forgiven. If you can go HAFA so there no deficiency rights or just negotiate them away- all the better.
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No, you can still do a short sale. It is almost the same, usually just less paperwork. All a debt collector cares about is the bottom line. What are the getting.
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Permalink Reply by Matt Newman on
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Have one that was BOA 2nd and it was sold to Real Time Resolutions. The 1st is BOA but HAFA was denied because the homeowner has not lived in the house for over 12 months, now the 2nd in collections wants full repayment of the deficiency but approved the the lien release with 10%. Investor on 1st will not allow any more to 2nd.
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Permalink Reply by Linda Susan Fox on
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I negotiated with a collection lawyer where the second was $170,000 and they settled for $12,000. It was a HAFA Shot Sale and Chase paid them $6000 and the buyer paid the other $6000; all done through the HUD1. The collection lawyer wanted 10% and we settled on the $12,000. He told me it would have to worth their time or they would let it go to foreclosure. Remember they will still be collecting even if it goes to foreclosure, they have nothing to lose. Most second mortgages are recourse loans. Good Luck and just be nice.
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