I just wanted to let everyone know that it is possible to close with them as the 2cnd lien holder as I am closing on a property on Monday. Even though they require more money then most 2cnds, if they get a portion of what they want upfront (which we did, the buyer sent in a payment) and they redid the approval letter for the max of 6k that the 1st would allow!
Thanks for this information. How much did money are we talking? My situation is the 1st agreed to pay $3800, they want $8000. We are about $4400 away from what is needed? How much did they require to release the lien?
We were talking 12k. The 1st was willing to pay 6k and the buyer paid the other 6k in order to make the deal. At the end of the day, it was definitely worth it to my buyer!! Who is the 1st lender and why are they only allowing 3800...in 14 years of doing short sales, the 1st is always willing to pay 6k
My 1st is with US Bank. They say they will only allow 10% of the 2nd's balance to be paid. The balance on the 2nd is $38,000. That's where they get the $3800 from.
is it fannie mae or freddie mac? If so, you can make them pay 6k but you would have to escalate it through fannie mae or freddie mac.
I know the 2nd is not with Fannie or Freddie. I will have to ask on the 1st, but I don't believe it is. I started their in the beginning.
Again if the 1st is freddie or fannie, then you can escalate it through them for the 6k payoff. If not, your only option would be to have your buyer pay the 4400 difference, my buyer paid 6000 to get the deal done. If you would like to have the letter that was sent to century when that happened, I would be more then happy to email that to you. I also have a contact person their who is a manager if you would like that info as well..just let me know. Hope this helps
It would be awesome if you could share the manager and contact information with me. I think my buyer is considering this as an option.
Thanks for all your help and information on this. It worked. We closed last week!
I have a 1st with Freddie Mac- that has been approved for short sale I have a 2nd with 21st mortgage loan amount on the 2nd is $65,000 1st is giving $6000.00 but 2nd wants $52,000 to approve the 2nd my buyer doesn't have money to close this deal any suggestions would be greatly appreciated, P.S 21st mortgage said they have denied the file because the 1st isn't taking a big enough loss.
What was the pay off of the first? How much is the net to the first with the short sale? What was the payoff of the 2cnd?
The pay off on the first $195,000.00 and the net to the first is $154,000.00.
The payoff on the 2nd is $65,000 and they will except $52,000
The first is giving $6,000 to the 2nd and my seller doesn't have $48,000 dollars to give 21st mortgage
The buyer is willing to give the 2nd $5000.00 if the buyer is allowed to do so without any problem with the 1st.
please help I had to pull teeth to get the approval on the first.
Gemma curious to know what happened with that deal? I have similar situation with 21st where they want 1st to take more of a loss. Their Sr management uses threatening tactics by saying that the 1st will have a greater loss if they foreclose Oh fyi 21st montage is owned by Warren Buffet who also owns Berkshire Hathway Real Estate