How much does Wells typically try to get as a 2nd lienholder?  10%?

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The first offer is higher than 10% in my experience.. Negotiations must take place to reduce it. Much easier if the 1st and 2nd is Wells.
10% is generally accepted by any second lien holder as long as it has not gone to charge off status.....once it gets to charge off, you could be in for a HUGE battle. It is a GREAT question to ask any second lien holder - how long, or, at what point, will this go to charge off.....
charge-off, it varies by lender, but, generally speaking, once a Seller has missed 6, 9, 12 etc. payments, the loan gets charged off (accounting term meaning they goofed and lost cash) and goes to the "Charge Off" or "Recovery" department, it may also go to the mortgage insurer in some cases.
Once it gets to "charge-off" status, it normally is a NIGHTMARE to get the short sale completed. Many of these clowns want 20% - 50% of the amount owed and it can kill your short sale if you have not properly prepared.....just a heads up!!!!
Like the photo....wish I was surfing.......
I just closed one with Wells as the 2nd - went to recovery. They settled for about 25%. They sent the file to a collection company. As soon as you take the listing and get your authorizations in....find out where the file is.....still with Wells, sent out etc... You need this info ASAP.
Hi Ben!

Currently working a short sale, 1st lien approved 10% to charged off 2nd with Chase, now in recovery.
Seems likely that this will be accepted, accept the hardship package is out dated as everything is in boxes. How significant is that when the 1st is APPROVED, and there is foreclosure sale date in 2 weeks? Is CHASE going to ask for updated paperwork to move forward?
Rashell -- assuming the short sale package for teh second is currently with the ivnstor, no worries on needing updated items, you should be fine.

I WOULD start calling teh second lien daily at a MINIMUM and escalate your case early next week, really pushing the second lien for answers.
You also should not have any issues getting the foreclosure stopped (though it can be quite a bit of time on the phones getting to the right person).

Hang in there......you will get it done.....nice work and I hope your cleint appreciates all your efforts!!!!
I have already been all over the 2nd, and I'm pushing like crazy for the buyers to get their month end tax credit.
Trying to close asap, and yes, my clients know this has been a top priority file.
I just sent the hardship package, but it was sent previously to chase when they stated it was charged off.
So I'm resending the outdated hardship package, I have bank statements, 08 taxes, 09 w2, 1 pay stub from Jan.

Ben Benita said:
Rashell -- assuming the short sale package for teh second is currently with the ivnstor, no worries on needing updated items, you should be fine.

I WOULD start calling teh second lien daily at a MINIMUM and escalate your case early next week, really pushing the second lien for answers.
You also should not have any issues getting the foreclosure stopped (though it can be quite a bit of time on the phones getting to the right person).

Hang in there......you will get it done.....nice work and I hope your cleint appreciates all your efforts!!!!

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