May be able to pay off first but nothing for 2nd. What to do?

Need some advice...  I have a short sales with Seterus as the 1st and BOA as the 2nd.  At our current sales price, we will barely clear the 1st lien so nothing left for BOA.  Of course if the transaction goes another couple of months this is a moot point.

Any suggestions?  My thoughts would be to work both so that I can possibly get some payoff to BOA for them to accept.

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Yes you need to give something to the 2nd so will need to do a short sale with both lenders. Unless the buyer and/or seller are able to pay some funds to the 2nd as an expense on the HUD. See if you can get $3,000 to offer the 2nd without needing to short the 1st.

Thanks Bryant.

Perfect timing.  Meeting with seller tomorrow about another matter but this may work out. 

Howard

Howard,
Contact the Congressman for the district that the house is in, they should have a person who handles housing issues they can contact BofA the new Servicer and investor and see if they can stop the service release to allow you time to close. Your sellers will have to complete an authorization form so they can inquire on their behalf when you talk to them tell them of the urgency they usually have the auth form on their website or when you talk to them they will email you one. They have a whole different group of people in the government affairs department that they deal with and I have found that they have been very effective.
Good Luck!

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