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Rolf,
You are in a difficult situation. You have already exposed seller $$ to the lender(s). In the future, when negotiating "same" lender short sales, the 2nd and even 3rd positions should be included on your pre-HUD, so the negotiator can address these items with a counter. This gives you room to give the 2nd and even the 3rd some $$ to recover. After your best efforts, tell all negotiators to settle it between themselves and ask for escalation if they are unwilling or unfamiliar. Wells Home and Wells Bank asset management are in the same building and the supervisors will work it out as it does affect their compensation. You have options with sellers $$ to still come to approval, but, it is a little more complex because of the additional $$. 1sr must allow 2nd and 3rd to keep it. Good Luck!
Alan,
Thanks for your reply. The HELOC negitiator is saying not issue with the 2nd and 3rd keeping the additional money because the first is just about being made whole. I will confirm with the negotiator for the first. Do you have any feel for what amount the 2nd and 3rd may accept here to wipe everything out and avoid the recovery team?
Alan Remigio said:Rolf,
You are in a difficult situation. You have already exposed seller $$ to the lender(s). In the future, when negotiating "same" lender short sales, the 2nd and even 3rd positions should be included on your pre-HUD, so the negotiator can address these items with a counter. This gives you room to give the 2nd and even the 3rd some $$ to recover. After your best efforts, tell all negotiators to settle it between themselves and ask for escalation if they are unwilling or unfamiliar. Wells Home and Wells Bank asset management are in the same building and the supervisors will work it out as it does affect their compensation. You have options with sellers $$ to still come to approval, but, it is a little more complex because of the additional $$. 1sr must allow 2nd and 3rd to keep it. Good Luck!
Yes, I had a similar situation. The HELOC wanted my seller to contribute 10% AND agree to a repayment plan for the entire balance. There was also language that the seller would consent to a judgement. They were very stupid not to accept what they got as it now went to foreclosure. Good luck!
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