SunTrust as second
I have short sale that has been with BOA for 3 months and has finally been approved allowing $3k to the second which is Suntrust. Suntrust finally assigned a negotiator today after having the offer for 3 1/2 months and the negotiator tells me they will not accept $3k and either want the seller to bring $20k to the closing or sign a note. OLbviously if the seller had $20k they wouldn't be in this position. Has anyone had any luck if the seller refuses to sign promissory note? I don't understand their stand. If the seller signs the note, they can turn around and file bankruptcy and Suntrust loses. Please advise
Replies to This Discussion
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Permalink Reply by Gwen Mark on
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I am sort of in the same boat, so will be curious if anyone has answers. My 1st is with Wells Fargo. We got the negotiations to the point of sending to Investor for approval, but they want Sun Trust to send their approval on the $3000 they are willing to give. The foreclosure date is looming and won't be postponed unless the file progresses. Suntrust is acting like they are the 1st. Wanting even more documentation than Wells Fargo! No urgency. Now Wells Fargo says they will have to close the file because he has had it too long. UGHHH!
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Permalink Reply by Ben Benita on
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Almost all negotiators negotiators are "asking" for prom. notes now (they have nothing to lose by doing this, if the Seller agrees, more cashola for them).
Moving forward, simply tell your negotiator that will not work and prove your case, try some of these lines (from my short sale negotiations book):
Try These Lines (remember, make is as easy as possible for your Negotiator to get a “Yes”):
“My Seller needs money for moving expenses”
Or
“My Seller now has bad credit and needs a large security deposit for his new home”
Or
“As you can clearly see from the financial form, my Seller is already behind on other bills, forcing him to pay a promissory note or cash will only cause further hardship”
BEST MOVE - Have the Seller put the above in writing, sign it and send it in
If you get the above in front of the right eyes they will wave all or at least a HUGE portion, of the promissory note.
Good luck..... -
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Footnote to previous: Wells Fargo closed the file because Suntrust would not respond. The property was one hour from foreclosure when we got a last minute reprieve. I had to withdraw the original offer that Wells Fargo had already agreed was fine, and submitted a much larger backup offer to "get their attention" It worked, but because the file had been closed, we had to start the process all over. We are now back to square one. Wells is agreeing to the offer, but Suntrust still is telling me the file "is progressing" without any real movement. New foreclosure date is 30 days... Bang Bang(sound of head beating the wall!)
Gwen Mark said:I am sort of in the same boat, so will be curious if anyone has answers. My 1st is with Wells Fargo. We got the negotiations to the point of sending to Investor for approval, but they want Sun Trust to send their approval on the $3000 they are willing to give. The foreclosure date is looming and won't be postponed unless the file progresses. Suntrust is acting like they are the 1st. Wanting even more documentation than Wells Fargo! No urgency. Now Wells Fargo says they will have to close the file because he has had it too long. UGHHH! -
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Permalink Reply by Mike Benitez on
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Suntrust has first and second position, from experience is this a good or bad thing? Also typical time frame on the investor approval after negotiator approves recommended sales price.
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Permalink Reply by Jeanne Dufort on
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Mike - mine was the same way... but along the way ST settled with United Guarantee on the 2nd. Got approval from UG quickly - and finally last Friday got approval on the 1st.
My best ally with ST was a woman in the president's office - didn't ask for her help unless we were really in a pickle, and each time she got things moving. -
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What was her first name, I am hoping that she is the same person we are dealing with
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Permalink Reply by Tracy Santrock on
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I have a buyer under contract w/$1.3M 1st w/Chase and $400k on 2nd w/Suntrust. Chase approved $1.2M and $5k to Suntrust. So far no response from Suntrust. Does anyone think I have a shot at getting this one through?
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Mike Benitez said:Suntrust has first and second position, from experience is this a good or bad thing? Also typical time frame on the investor approval after negotiator approves recommended sales price.
Having the same bank on both is a much better situation than two banks haggling over the money they aren't going to collect! -
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Tracy - it would be a MONSTER accomplishment if you can get Suntrust to agree to $5000 on a $400k payoff....that is going to be an uphill fight.....
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Mike Benitez said:What was her first name, I am hoping that she is the same person we are dealing with
Mike
I was helped by Jackie Brooks
[email protected]
Very responsive. Good luck.
Jeanne -
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Permalink Reply by Wendy Maltby on
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I have a BOA first and a Suntrust 2nd. The first is a Fannie Mae. How much will BOA agree to pay the 2nd lien holder? The 2nd was for $30,000. How do you know what to put on the HUD?
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Hi Norene, I have a similar situation. Wells fargo first and Suntrust second. Wells Fargo has just accepted my buyers offer and has offered Suntrust 10 percent of the amount I owed them: about 3k. Whats new in your case and do you have any tips?
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