Replies to This Discussion

Permalink Reply by Tiffany Alleshouse on March 24, 2010 at 10:33am

I have! Maybe I can help you? Call me 619-788-6531

Permalink Reply by Tiffany Alleshouse on March 24, 2010 at 10:49am

Did you just call me? I'm on the phone with Equatoe and will call you back as soon as I'm off the line :)

Permalink Reply by Ben Benita on March 25, 2010 at 1:40am

just tell them NO, $3k is not enough.....as long as the loan has NOT gone to charge-off status you should be able to get the second DOWN from 16% and B of A up from the $3000 mark (I assume the lender on the B of A is Freddie or Fannie?)

Permalink Reply by Carter Bennett on March 31, 2010 at 7:57am

Ed,

I'm in the same situation right now. BofA as primary has approved the short sale with $3,000 approved to go to the 2nd lien which is a Wells HELOC. Wells said they'd release for 16% but anything less they'd want a promissory note. Wells is using CCS as collections on this, but they still own the loan.

I've read that HELOCs usually get paid out $1,000 to $4,000 to release-- a far cry from the rough 5% paid to purchase money lien s I've worked on.

Permalink Reply by Ben Benita on April 2, 2010 at 1:58am

I have been doing these for 4 years and RARELY see a second nowadays agree to $1k or $4k....their best negotiating point:

It will cost the first lien FAR MORE THAN $1k or $4k to run the home through foreclosure.

As far as a second getting 16%, also not typical.....I would bet you just need to negotiate a little more to get the Servicers to meet in the middle someplace, remember, the people you are speaking to at teh bank are called "negotiators" for a reason..... :-)

Permalink Reply by Dan on April 4, 2010 at 4:25am

Hi Tiff,
I got an approval from WFB March 3 2010 to sell on and close by April 16 2010. WFB is giving 10% towards the 2nd loan which is a WFB HELOC. It's already April 5th and I still don't have final approval from 2nd WFB HELOC? Should I be worried? I am getting anxious is so are the buyers..... Original offer was submitted to WFB Jan 16 2010....
What's your experience been? WFB 2nd keeps asking for more and more paystubs, bank statements etc... I am current on both mortage!

Tiffany Alleshouse said:

I have! Maybe I can help you? Call me 619-788-6531

Permalink Reply by Tiffany Alleshouse on April 5, 2010 at 7:56am

Hi Ben,

I have been through this exact same scenario time and time again. You get an approval from the first and wait for an approval from the second but then the first expires and on and on it goes. You might be asked to give the seller's financials if you need an extension from the first (which you will). Typically, Wells Fargo approves a 2nd really quickly. Did you fax the negotiator the approval from the first with a HUD yet? Doing so will spead up the process with the 2nd. I don't think you should be too worried. Hope this helps you!

Hi Tiff,
I got an approval from WFB March 3 2010 to sell on and close by April 16 2010. WFB is giving 10% towards the 2nd loan which is a WFB HELOC. It's already April 5th and I still don't have final approval from 2nd WFB HELOC? Should I be worried? I am getting anxious is so are the buyers..... Original offer was submitted to WFB Jan 16 2010....
What's your experience been? WFB 2nd keeps asking for more and more paystubs, bank statements etc... I am current on both mortage!


Tiffany Alleshouse said:
I have! Maybe I can help you? Call me 619-788-6531


Dan said:

Hi Tiff,
I got an approval from WFB March 3 2010 to sell on and close by April 16 2010. WFB is giving 10% towards the 2nd loan which is a WFB HELOC. It's already April 5th and I still don't have final approval from 2nd WFB HELOC? Should I be worried? I am getting anxious is so are the buyers..... Original offer was submitted to WFB Jan 16 2010....
What's your experience been? WFB 2nd keeps asking for more and more paystubs, bank statements etc... I am current on both mortage!

Tiffany Alleshouse said:

I have! Maybe I can help you? Call me 619-788-6531