Need some ammo to fight a secondary lien - Short Sale Superstars2024-03-29T08:00:28Zhttp://shortsalesuperstars.com/forum/topics/need-some-ammo-to-fight-a?commentId=3468065%3AComment%3A17519&x=1&feed=yes&xn_auth=noSteele, Sounds like the credi…tag:shortsalesuperstars.com,2010-02-27:3468065:Comment:175192010-02-27T14:11:30.626ZBryant Tutashttp://shortsalesuperstars.com/profile/bryanttutas
Steele, Sounds like the credit company knows something you don't about the borrowers ability to repay their debt. Let's never forget that that the borrower signed a note agreeing to pay the 2nd $89,000.<br />
<br />
Any agreement made now for less than that is a win for the borrower. Especially since more than a third of their debt is already coming from the proceeds of the deal. So you have about a 50k issue. Offer a little cash and a note and see what they say. Their email certainly sounds like they are…
Steele, Sounds like the credit company knows something you don't about the borrowers ability to repay their debt. Let's never forget that that the borrower signed a note agreeing to pay the 2nd $89,000.<br />
<br />
Any agreement made now for less than that is a win for the borrower. Especially since more than a third of their debt is already coming from the proceeds of the deal. So you have about a 50k issue. Offer a little cash and a note and see what they say. Their email certainly sounds like they are ready to negotiate.<br />
<br />
The advantage of coming to an agreement is to avoid uncertainty in the future and to get back on the road to credit repair. Making payments on a note can help with this.<br />
<br />
That's my sales pitch.<br />
<br />
<cite>Steele V. Propp said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/need-some-ammo-to-fight-a?xg_source=activity#3468065Comment17313"><div>OK, here is the latest we just received. The lender sent the following email to the buyer, Eric, in reply to him saying that they couldn't afford a note:<br/> <br/>
"Thanks for the e-mail back, Eric. Unfortunately, paying nothing<br/>
additional on the deficiency beyond the proceeds from sale is not<br/>
acceptable for a lot of reasons that I am more then happy to discuss<br/>
with you and/or Steele if you want to give me a call......that said, if<br/>
you want to counter something that you could work into your budget from<br/>
a payment and dollar amount standpoing, I would consider it. Otherwise,<br/>
we will take the actions we need to collect on this loan.......we<br/>
actually have taken the initial steps on the property by filing a<br/>
redemption certificate and will also proceed with legal action on the<br/>
Note if need be.........not the preferential way for any of us but one<br/>
we have had to prepare for and we are comfortable in taking if we have<br/>
to.<br/>
<br/>
There is still an opportunity for this to be advantageous for all<br/>
parties so you can move on from a personal as well as credit<br/>
perspective........but the lack of an agreeable deficiency agreement is<br/>
not going to allow that to happen."<br/>
<br/>
Now, this property has already had the sheriff sale here in Minnesota and redemption is over April 29th. The secondary lender will then have a one week opportunity to redeem the first lender's lien which was already discounted some $80,000 by doing a low bid at the sheriff sale (bid $147,000 on a debt of about $220,000). But then they have to sell the property.<br/>
<br/>
Any thoughts?</div>
</blockquote> BofA policy is 5%. Freddie wi…tag:shortsalesuperstars.com,2010-02-27:3468065:Comment:175112010-02-27T04:51:02.333Zalisa hagnerhttp://shortsalesuperstars.com/profile/alisahagner
BofA policy is 5%. Freddie will "allow" up to $8,000.
BofA policy is 5%. Freddie will "allow" up to $8,000. OK, here is the latest we jus…tag:shortsalesuperstars.com,2010-02-25:3468065:Comment:173132010-02-25T19:35:24.817ZSteele V. Propphttp://shortsalesuperstars.com/profile/SteeleVPropp
OK, here is the latest we just received. The lender sent the following email to the buyer, Eric, in reply to him saying that they couldn't afford a note:<br />
<br />
"Thanks for the e-mail back, Eric. Unfortunately, paying nothing<br />
additional on the deficiency beyond the proceeds from sale is not<br />
acceptable for a lot of reasons that I am more then happy to discuss<br />
with you and/or Steele if you want to give me a call......that said, if<br />
you want to counter something that you could work into your budget…
OK, here is the latest we just received. The lender sent the following email to the buyer, Eric, in reply to him saying that they couldn't afford a note:<br />
<br />
"Thanks for the e-mail back, Eric. Unfortunately, paying nothing<br />
additional on the deficiency beyond the proceeds from sale is not<br />
acceptable for a lot of reasons that I am more then happy to discuss<br />
with you and/or Steele if you want to give me a call......that said, if<br />
you want to counter something that you could work into your budget from<br />
a payment and dollar amount standpoing, I would consider it. Otherwise,<br />
we will take the actions we need to collect on this loan.......we<br />
actually have taken the initial steps on the property by filing a<br />
redemption certificate and will also proceed with legal action on the<br />
Note if need be.........not the preferential way for any of us but one<br />
we have had to prepare for and we are comfortable in taking if we have<br />
to.<br />
<br />
There is still an opportunity for this to be advantageous for all<br />
parties so you can move on from a personal as well as credit<br />
perspective........but the lack of an agreeable deficiency agreement is<br />
not going to allow that to happen."<br />
<br />
Now, this property has already had the sheriff sale here in Minnesota and redemption is over April 29th. The secondary lender will then have a one week opportunity to redeem the first lender's lien which was already discounted some $80,000 by doing a low bid at the sheriff sale (bid $147,000 on a debt of about $220,000). But then they have to sell the property.<br />
<br />
Any thoughts? That is what I am thinking. T…tag:shortsalesuperstars.com,2010-02-25:3468065:Comment:172542010-02-25T14:26:06.489ZSteele V. Propphttp://shortsalesuperstars.com/profile/SteeleVPropp
That is what I am thinking. This bank is using fairly standard lines about the full remaining amount still being owed. Hopefully it is more an opening negotiating tactic.
That is what I am thinking. This bank is using fairly standard lines about the full remaining amount still being owed. Hopefully it is more an opening negotiating tactic. Steele, 37% is an incredible…tag:shortsalesuperstars.com,2010-02-25:3468065:Comment:172402010-02-25T13:19:11.434ZBryant Tutashttp://shortsalesuperstars.com/profile/bryanttutas
Steele, 37% is an incredible offer. I believe the most a 2nd has ever been given from one of my short sales is 10%. I would say average is $3,000 or 8% which ever is less.<br />
<br />
Maybe the seller could also offer to sign a small note?
Steele, 37% is an incredible offer. I believe the most a 2nd has ever been given from one of my short sales is 10%. I would say average is $3,000 or 8% which ever is less.<br />
<br />
Maybe the seller could also offer to sign a small note?