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Second Lien (Old Republic) demanding more than Fannie will allow-HELP

Posted by Travis Davies on May 1, 2012 at 1:00pm in Short Sale Discussions

I need some help. I have a second (Old Republic) who is demanding 8K for an original balance of 77K to release the lien. This is running through BofA's Cooperative program, which they will only pay 6% up to 6K. In this case $4568. The buyer is willing to pay the 3k difference to the second buy FNMA is not going to allow it. They are even willing to pay it outside of closing to get the deal on the home, but I dont know what to do. 

I am about out of time on the sale date

Any suggestions?

travis@travisdavies.com 

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Replies

  • Travis Davies May 2, 2012 at 10:41am

    I'll report after the deal is done on all the details, but for now I dont want to jinx the deal in any way. I think the big man upstairs softened the heart of the negotiator we'll say. Being nice and honest does go a long ways. Details to follow in a few days

  • Jim Schneider May 2, 2012 at 4:59am

    Is the seller willing to contribute? Would the seller agree to a promissory note?

  • Kevin - Greenville, SC May 1, 2012 at 5:37pm

    A POC is fine, just as long as it's on the HUD-1 if it's associated with the sale of the Property.  Unlikely FNMA will allow a the POC though.  Best bet is to continue negotiations with Old Republic.

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