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How far away are you from sheriff's sale?
I had great luck with Wells Fargo, I happened upon a supervisor via email. Have you followed up with the supervisor for Wells Fargo typically the contact person is in the body of the email from your assigned negotiator.
Many if not most 1st TD holders will pay 10% of 2nd TD outstanding balance (or up to 10%) as their contribution to the short sale. The 2nd TD holder will not typically "settle" for less than 10% of their outstanding loan balance. You can try for less but it is tough if you want a full release..They will of course continue to try for 20%, 30% and 40% depending on the type of loan, the seller hardship and the deficiency status of the loan...but the 2nd should eventually settle for around 10% of outstanding loan balance. Of course, every short sale is unique and different...
Thanks for the feedback. Since the 2nd will only agree to a $24K pay off amount it's now it's just a question of getting the 1st to come up to $12K on their side.
Cheryl Bray said:Many if not most 1st TD holders will pay 10% of 2nd TD outstanding balance (or up to 10%) as their contribution to the short sale. The 2nd TD holder will not typically "settle" for less than 10% of their outstanding loan balance. You can try for less but it is tough if you want a full release..They will of course continue to try for 20%, 30% and 40% depending on the type of loan, the seller hardship and the deficiency status of the loan...but the 2nd should eventually settle for around 10% of outstanding loan balance. Of course, every short sale is unique and different...
Roger,
I know that is the last resource to use in this cases, but is your seller willing to sign a promosiry note for the remaining? I mean the balance tha the 1st liend holder does not want to contribute to cover the 2nd? you need to know all your pieces before you do your last move. sometimes 2nds are tough, is the 2nd insured? if not, if the home goes to foreclosure sale the 2nd does not get anything, so why be so tough?
Ray,
I just received a call from the office of the president at Wells Fargo Home Mortgage yesterday regarding this deal. Since I had escalated this via email and a couple of letters to key executives I guess someone is paying attention now! They are going to work with me direct to get the 1st approval based on the terms that the 2nd is demanding. FYI, my client was willing to sign an unsecured note as a last measure but hopefully this will now be approved as it stands.
-Roger
Ray Saenz said:Roger,
I know that is the last resource to use in this cases, but is your seller willing to sign a promosiry note for the remaining? I mean the balance tha the 1st liend holder does not want to contribute to cover the 2nd? you need to know all your pieces before you do your last move. sometimes 2nds are tough, is the 2nd insured? if not, if the home goes to foreclosure sale the 2nd does not get anything, so why be so tough?
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