Wells Fargo 1st-2nd lien holder wants a note

Hello:

 

Wells Fargo has agreed to pay $4500.00 to the 2nd lien holder.   The second has indicated that they will pay that PLUS they want 10k cash or sign a 20K note. Terms of the note would be five years at zero interest...my clients have NO money to do this.

 

Has anyone gone back to Wells Fargo and asked for more the 2nd lien holder or do I just push the 2nd to only take the 4500.00.  The 2nd is with a federal credit union.

 

Thanks a million from Pismo Beach, CA!

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Permalink Reply by Jeff Payne on June 1, 2011 at 2:08am
Credit unions can be tough.  Go back to them and show them that the seller can not pay and try to get them to release without the prom note or get the note reduced

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