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We have negotiated two short sales where the 2nd loan was charged off. Once, it was charged off to an internal collections department in HSBC, and the last one was Compass Bank and was charged off to a Credit Collection agency. Both were successfully negotiated and closed - but with the HSBC second, we had to actually call the OCC before they cooperated. They had agreed to an amount($3000), then charged it off and the amount was higher ($5000) than what was agreed and was on the HUD to the 1st and would have killed the deal. It took a call from the OCC for them to come to their senses and work with us. Hope this helps.
Hi Sue,
I had one short sale where 2nd went to collections. I had to contact the collections agency and they wanted $6000 to release and satisfy the 2nd lien. It was a $60,000 2nd. Both loans were with Bof A at first. But 2nd was sent to RealTime Resolutions their collection agency. The short sale was completed successfully.
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