SPS 2nd mortgage - Short Sale Superstars2024-03-28T23:22:15Zhttp://shortsalesuperstars.com/forum/topics/sps-2nd-mortgage?groupUrl=spsselectporfolioservicinginc&commentId=3468065%3AComment%3A395324&groupId=3468065%3AGroup%3A9757&feed=yes&xn_auth=noI just got off the phone with…tag:shortsalesuperstars.com,2018-10-24:3468065:Comment:3950242018-10-24T21:11:02.241ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>I just got off the phone with Freddie Mac who stated that is their guideline but then said that the servicer can ask fort an exception. Then I called my contact at Wells Fargo as they service FM loans too. he stated FM will always decline a request for exception.</p>
<p>I just got off the phone with Freddie Mac who stated that is their guideline but then said that the servicer can ask fort an exception. Then I called my contact at Wells Fargo as they service FM loans too. he stated FM will always decline a request for exception.</p> ch 7's don't typically discha…tag:shortsalesuperstars.com,2018-10-24:3468065:Comment:3950222018-10-24T20:43:02.435ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>ch 7's don't typically discharge mortgage liens, that's typically a motion when someone does a ch 13 and is going for a discharge.</p>
<p>I feel like we may have gotten an exception from Freddie Mac or Fannie Mae once to allow contributions from a party. Have you had Mr. Cooper reach out to the investor to see if they would allow any contributions? I believe once we offered more money to the investor and they approved an exception in return.</p>
<p>Sucks that SPS is forcing you into a…</p>
<p>ch 7's don't typically discharge mortgage liens, that's typically a motion when someone does a ch 13 and is going for a discharge.</p>
<p>I feel like we may have gotten an exception from Freddie Mac or Fannie Mae once to allow contributions from a party. Have you had Mr. Cooper reach out to the investor to see if they would allow any contributions? I believe once we offered more money to the investor and they approved an exception in return.</p>
<p>Sucks that SPS is forcing you into a position where they want contributions outside of escrow. =(!</p> HI guys thanks for your input…tag:shortsalesuperstars.com,2018-10-24:3468065:Comment:3953252018-10-24T16:42:32.029Zash lomonthttp://shortsalesuperstars.com/profile/ashlomont
<p>HI guys thanks for your input. The 1st is owed way more than the property is worth so the 2nd will not get any $$$. I have worked on this deal for a year we have escalated and filed complaints with Consumer finance protection bureau and Omsbudsman have written letters directly to the investor. The borrowers filed Chapter 7 BK 5 years ago and the 2nd was discharged so there is no recourse from the 2nd lender but the lien is still on title. When the borrowers did the BK they did not take the…</p>
<p>HI guys thanks for your input. The 1st is owed way more than the property is worth so the 2nd will not get any $$$. I have worked on this deal for a year we have escalated and filed complaints with Consumer finance protection bureau and Omsbudsman have written letters directly to the investor. The borrowers filed Chapter 7 BK 5 years ago and the 2nd was discharged so there is no recourse from the 2nd lender but the lien is still on title. When the borrowers did the BK they did not take the extra steps needed to remove the lien. </p> Tony, just because a 1st is f…tag:shortsalesuperstars.com,2018-10-24:3468065:Comment:3953242018-10-24T15:10:07.231ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Tony, just because a 1st is foreclosing does not mean a second will get 0 at foreclosure. This depends on amounts owed vs what the home sells for at auction.</p>
<p>Tony, just because a 1st is foreclosing does not mean a second will get 0 at foreclosure. This depends on amounts owed vs what the home sells for at auction.</p> Brett, The 1st is foreclosing…tag:shortsalesuperstars.com,2018-10-24:3468065:Comment:3953202018-10-24T00:08:37.981ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>Brett, The 1st is foreclosing, not the 2nd . So 2nd is aware that gets 0 if goes to auction</p>
<p>Brett, The 1st is foreclosing, not the 2nd . So 2nd is aware that gets 0 if goes to auction</p> Have you escalated with the 2…tag:shortsalesuperstars.com,2018-10-23:3468065:Comment:3951282018-10-23T23:15:56.875ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Have you escalated with the 2nd lien? Do they have proof that FHLMC is the investor? Typically what the 2nd wants comes down to lien position and their valuation. They must think they may get more at foreclosure auction.</p>
<p>At times you can get them to take the 6K. Other times they will force people to go into the gray area when it comes to contribution.</p>
<p></p>
<p>Brett@ishortsalenow.com</p>
<p>310-564-6389…</p>
<p></p>
<p>Have you escalated with the 2nd lien? Do they have proof that FHLMC is the investor? Typically what the 2nd wants comes down to lien position and their valuation. They must think they may get more at foreclosure auction.</p>
<p>At times you can get them to take the 6K. Other times they will force people to go into the gray area when it comes to contribution.</p>
<p></p>
<p>Brett@ishortsalenow.com</p>
<p>310-564-6389</p>
<p><a href="http://www.ishortsalenow.com" target="_blank">www.ishortsalenow.com</a></p>
<p></p> its very doubtful that the 2n…tag:shortsalesuperstars.com,2018-10-23:3468065:Comment:3952082018-10-23T22:27:16.083ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>its very doubtful that the 2nd has insurance. Please understand a 2nd lien holder could care less about Freddie Mac's guidelines. So possibly the reason they will not accept is that they know that they can go after the seller for the entire amount due after the first forecloses. You are in Calif so they legally can do that. I have a good contact at Mr Cooper and maybe he can give some input to Freddie. Funny that Fannie Mae and FHA does allow a buyer to contribute to a 2nd.</p>
<p>Reach…</p>
<p>its very doubtful that the 2nd has insurance. Please understand a 2nd lien holder could care less about Freddie Mac's guidelines. So possibly the reason they will not accept is that they know that they can go after the seller for the entire amount due after the first forecloses. You are in Calif so they legally can do that. I have a good contact at Mr Cooper and maybe he can give some input to Freddie. Funny that Fannie Mae and FHA does allow a buyer to contribute to a 2nd.</p>
<p>Reach out to me if you like</p>
<p>Tony Morales 909-239-2322</p>
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