USAA HELOC - 2nd. Need help with reasonable required net to participate.

I have a short sale file that has been going on for longer than it should.  The 1st is through LoanCare for USAA (VA loan).  The 2nd is a HELOC with USAA.  The Seller is active duty military.  The 1st has issued approval with $4K to 2nd.  The Seller is able to contribute $5800 to make a total to the 2nd of $9800.  USAA 2nd previosuly issued an approval letter for 50% to release lien only - we are talking over $20K more for a contribution.  Since then, I have spoken with a USAA individual that is down to 35%, which is still over $10K off.  The Seller acknowledges that he will be responsible for the deficiency via a loan modification.  Does anyone have a name of someone within USAA's HELOC short sale area, or related, that can help or is this just going to have to become another statistic? 

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Permalink Reply by Wendy Rulnick on October 13, 2012 at 4:03am

Kristy - You can have your seller call the negotiator directly to plead his hardship case. Sometimes that helps.

Permalink Reply by Kristy Hamilton on October 13, 2012 at 6:48am

I will get with the Seller and see what they possibly work out.  Will let you know.  Thank you for the idea!  :  )

Permalink Reply by Wendy Rulnick on October 13, 2012 at 9:03am

Kristy - USAA can be very tough.  I've had sellers call them directly before. It might help. Let us know how it goes.

Permalink Reply by Diane Gish on October 15, 2012 at 2:44pm

Any chance USAA would let the seller offer some cash and sign a prom note for an additional amount? You might try putting that on the table with USAA if the seller can't raise the cash.   USAA is tough to deal with, but the biggest issue is that the loan was a HELOC. 

The seller used USAAs money to buy something and now needs to try to negotiate a payoff if at all possible.  I would remind the seller that the first trust approval is allowing them to walk away from _______ amount of debt.  They need to find some way to negotiate with the second trust so that they are not responsible for the entire deficiency of both loans in forclosure...depending on the state you are in.  Recourse or nonrecourse? 

Permalink Reply by Kristy Hamilton on October 17, 2012 at 4:02pm

Oh, this is ONLY to participate in the short sale.  The Seller is already expected to repay the deficiency.  

Permalink Reply by Kristy Hamilton on October 17, 2012 at 4:06pm

The Seller contacted USAA and he told me that they have agreed to the amount from the 1st and the amount that the Seller was already able to contribute at closing, but I need to clarify this with USAA.  I am going to call them tomorrow to make sure that the Seller didn't misunderstand them. But, if what the Seller is stating is the case, then it worked out by having the Seller make a call to assist in negotiating what money he could provide in order to facilitate the short sale. Whew!  I have another USAA HELOC (2nd) file and am not looking forward to the nitty-gritty of that file, either!  BTW:  this file is 1 yr. and 10 months old.

Permalink Reply by Wendy Rulnick on October 18, 2012 at 1:51am

Kristy - I am glad it worked out! I've found that sellers calling USAA generally helps.

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