Wachovia 2nd Lien Issues!
Hello,
I am speaking with an agent who might be using my services to negotiate an already negotiated Wachovia 2nd short-sale. The balance owed Wachovia is $30,000. The amount offered is $11,5000. Wachovia will not take this dollar amount without a default judgment. Does anyone have any negotiation ideas. I am thinking about trying to increase the contribution amount from the buyer in order to have the deficiency judgment waived.
By the way this was not all purchase money on the second.
Any advice you can provide will be awesome! Thank you :)
I am speaking with an agent who might be using my services to negotiate an already negotiated Wachovia 2nd short-sale. The balance owed Wachovia is $30,000. The amount offered is $11,5000. Wachovia will not take this dollar amount without a default judgment. Does anyone have any negotiation ideas. I am thinking about trying to increase the contribution amount from the buyer in order to have the deficiency judgment waived.
By the way this was not all purchase money on the second.
Any advice you can provide will be awesome! Thank you :)
Replies to This Discussion
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Permalink Reply by Dominique Van Ryckeghem on
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One word: escalate!
They're just trying to squeeze more money out of all of you. -
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Permalink Reply by Tiffany Alleshouse on
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Thank you for your response. I am under the impression that I should send them a HUD and a new purchase contract proposing they waive the deficiency with a SMALL additional contribution to waive the judgment. The problem is that the loan is recourse so they technically allow to do such horrible things. Any thoughts?
Thank you again!
Dominique Van Ryckeghem said:One word: escalate!
They're just trying to squeeze more money out of all of you. -
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Permalink Reply by Wendy Rulnick on
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Tiffany - I think you can "ask", but my guess is they will not take away the judgment threat.
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Thank you Judy! That's some great advice :)
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I think you are probably right. I was just hoping someone had found a loop hole! Thank you for your comment!
Wendy Rulnick said:Tiffany - I think you can "ask", but my guess is they will not take away the judgment threat. -
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Permalink Reply by Guy Lofts CRS on
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Great discussion.
If you can make a case that the price is as good as they will get and the seller is willing to walk you have the best leverage. If you are going to up your offering, either thru buyer, seller, reduction in costs don't provide a new hud.
ask the question like this. "if i could do this, would you?" or "what would it take to" then it looks like you have to work for it and you will know what you have to achieve.
If sellers have to take back a loan, it will be unsecured. point out to sellers it is better than a full loan obligation. zero% can be negotiated. so 10,000 over 10 years would be about $80 a month
Hope this helps. Happy New Year. -
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Thank you for your advice Guy! I agree with you... Let's just hope this negotiator is able to talk to his/her boss and maybe push it through..
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