WF asking for "contribution letter"

Hi all!

I am working on a short sale, WF is the first lien, and the second lien is a WF HELOC. Normally I put the 6 percent on the HUD showing the first lien paying off the second lien 6 percent, and give the seller the $3000 relocation fee.

This particular short sale, WF has asked for a "contribution letter" stating who is going to pay off or make a contribution to the second lien which is a WF HELOC. The buyer and seller do not want to make a contribution to the second lien, I am tempted to just do my normal 6 percent concession from the first lien of 6 percent to the second lien via the HUD and submit it.

This is a HAFA transaction. The first lien is $270,000 the second lien is $40,000. We have an offer of $260,000.

Anyone have any thoughts on the matter?

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Replies to This Discussion

Permalink Reply by Michael Hayley on August 26, 2013 at 2:51am

Show $6,000 from 1st lender.

Permalink Reply by Ben Benita on August 27, 2013 at 3:06am

Negotiations 101 - You don't ask, YOU DON'T GET!!!

Most banks will ASK for contributions, but know this:

EVERYTHING on the short sale is negotiable!!!

Tell them "no deal" when necessary, talk to the people who write the scripts (upper level decision makers) NOT the lower people who READ FROM THE SCRIPTS!!!

Contact me if I can help in any way - [email protected]

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