Working on this one for just over 60 days and have managed to get the 1st to contribute $3K, Seller $6K and Buyer $6K but can't get the 2nd to budge from wanting $24K. Seller is willing to take a small unsecured note to close the deal but wants a complete waiver for any liability from the 2nd.

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Hi, you happen to have any emails so that I can escalate my deal with wells? Seller has both 1st and 2nd with Wells Fargo..only thing is that the seller owes both $400k a piece. The 1st will only give $3k to the 2nd and the 2nd wants $62k...PLEASE HELP!!
Teena Barna

Roger D. Cummings said:

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.


Ray Saenz said:
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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