Getting Around the Cash Contribution
Here's our situation:
Bank of America First, and Citi second.
Wife only is on the mortgage, she is divorced from the husband who had her take out a second and spent it foolishly and is now nowhere in the picture.
Wife was working when we started the short sale but still couldn't afford the house
Nearing short sale approval, we learn:
Is this likely to help (I'm not feeling real warm and fuzzy here) and does anyone have any better ideas? We haven't reached a resolution with Citi yet, and I'm worried they too will want money. I can't remember the amounts, but the sale price is $330 and from memory I'm guessing the first is around $360 and the second is $85.
Bank of America First, and Citi second.
Wife only is on the mortgage, she is divorced from the husband who had her take out a second and spent it foolishly and is now nowhere in the picture.
Wife was working when we started the short sale but still couldn't afford the house
Nearing short sale approval, we learn:
- She just lost her job and now has zero income
- She and daughter are living with a friend because she has no money
- Realtor asked her to have the house cleaned for $250 - she had to get the cleaning company to take payment in installments
Is this likely to help (I'm not feeling real warm and fuzzy here) and does anyone have any better ideas? We haven't reached a resolution with Citi yet, and I'm worried they too will want money. I can't remember the amounts, but the sale price is $330 and from memory I'm guessing the first is around $360 and the second is $85.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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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
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Permalink Reply by Steve Early on
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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 -
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Good luck, go get em!
Steve Early said: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 -
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Permalink Reply by Gary Boyadjian on
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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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Permalink Reply by Stephanie Hart CA 310-930-2342 on
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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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We go straight to the MI company or investor all of the time with success
Stephanie Hart said: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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