All Discussions Tagged 'mac' - Short Sale Superstars2024-03-29T15:13:13Zhttp://shortsalesuperstars.com/group/spsselectporfolioservicinginc/forum/topic/listForTag?tag=mac&feed=yes&xn_auth=noSPS 2nd mortgagetag:shortsalesuperstars.com,2018-10-23:3468065:Topic:3950112018-10-23T21:06:45.536Zash lomonthttp://shortsalesuperstars.com/profile/ashlomont
<p>Hello,</p>
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<p>I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac guidelines to the 2nd mortgage. Freddie Mac only gives $6000 max and does not allow the buyer or seller to bring in additional funds. The investor for SPS wants 18K but that is not allow per the Freddie Mac guidelines even if the buyer wanted to bring it in they can't. I have…</p>
<p>Hello,</p>
<p></p>
<p>I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac guidelines to the 2nd mortgage. Freddie Mac only gives $6000 max and does not allow the buyer or seller to bring in additional funds. The investor for SPS wants 18K but that is not allow per the Freddie Mac guidelines even if the buyer wanted to bring it in they can't. I have appealed to the Omsbudsman for help and they wrote a letter to the investor to explain that they can only get 6K because of Freddie Mac guidelines and the buyers or sellers aren't allowed to bring in more money. The investor rejected the offer again. The house will now go to foreclosure. This is the 2nd short sale in a row that i have had SPS 2nd mortgage servicer that the investor has denied our offer. I'm trying to figure out why the 2nd mortgage holder won't take 6K and wants it to go to foreclosure.Is the 2nd mortgage investor have soem sort of insurance that pays them money if the house goes to foreclosure? Are they getting more than 6K from the insurance companies? Does anyone have any solutions?</p>
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<p>Thanks</p>