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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: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?