Just to give a little back story, this is a property with two loans. The first loan is US Bank for $900,000 and the second is a Wells Fargo Home Equity for $200,000.
US Bank has approved the first with $5000 for the second. Now the second is refusing approval without receiving 10% of what is owed. They need $19,000, so we need to come up with $14,000.
The seller is unwilling to pay anything to the banks. At this point they say that it can go into foreclosure for all they care. They are leaving the US and have said ‘let them try to find me.’
At this point I am not sure what to do. I have worked on this short sale for months, dealing with a seller who has been less than honest. I do not want to cut this as a loss, there has just been so much work done to have it fall apart at the end.
Has anyone worked with Wells Fargo to get past the 10% rule of the second?
Tags:
Wells Fargo (Freddie Mac) first being paid in full.
Wells Fargo Home Equity getting a 35% recovery (borrower deceased, no estate assets) and still asking the Realtor to reduce commission to 2% each side.....for now...
Update - Was approved and closed at 6%.
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