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Steve, you are on the right track. Many times the negotiators really do not look at the financials or hardship letter, they often look at the credit report which really does not mean anything. Build your case, paint the picture that your seller can not pay for a prom note or give cash..... Be very specific on your financial sheet. I like to use Microsoft Excel so that it is clean and neat and easy to read. Point out that there is more money going out than there is coming in. I have been successful 9 out of 10 times to get it reduced or eliminated
Thanks Jeff. I'll let you know how we make out.
Jeff Payne said:Steve, you are on the right track. Many times the negotiators really do not look at the financials or hardship letter, they often look at the credit report which really does not mean anything. Build your case, paint the picture that your seller can not pay for a prom note or give cash..... Be very specific on your financial sheet. I like to use Microsoft Excel so that it is clean and neat and easy to read. Point out that there is more money going out than there is coming in. I have been successful 9 out of 10 times to get it reduced or eliminated
The cash contribution is being requested by the MI company. I worked for Bank Of America Short Sale department before. The only time they ask for cash contribution and promissory note at the same time is when the MI company is asking for it. You can always counter the MI company but don't low ball the offer.
Gary... Im dealing with a cash contribution requested by MI on a 2nd with BOFA... They tell me it is non negotiable. Have you seen an agent go around her negotiator straight to MI and have success?
My 1st is a freddie mac and will not allow the cash contribution.
Gary Boyadjian said:The cash contribution is being requested by the MI company. I worked for Bank Of America Short Sale department before. The only time they ask for cash contribution and promissory note at the same time is when the MI company is asking for it. You can always counter the MI company but don't low ball the offer.
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