I've seen similar posts but want to keep this fresh.  Here is my situation:

GMAC is first with Green Tree 2nd at approx $20,000.  GMAC is very responsive- in counters now....looking like we may be settling on a purchase price just under $140,000.  GMAC says per investor guidelines they can only pay 6% toward 2nd.

Seller is further behind on 1st and they are further along in process. I'm hearing on here Green Tree will likely want 5% of purchase price.  Going into this I thought (and now am reading mistakenly so) the seller could borrow money or drain a retirement to come up with the cash needed to close the cap- as long as it was disclosed on HUD.  I'm reading here that it won't fly with the 1st.

So, how do you possibly close the gap with Green Tree?  In my mind this is the smallest second I've had- are they likely to really want close to $6,000 (5% of purchase price) which would equate to a 1/3 of their balance?!?!  GMAC will only pay approx $1,200 so how to close the gap of almost $4,800 if seller is not allowed to pay (which he'd have a hard time doing so anyway).

I've thought of cutting my commission but that won't even close it.  Seller is open to a note- but i'm reading on here they don't do that.

Thoughts?

Thanks!