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USAA Short Sale Nightmare-Help
Started this discussion. Last reply by Becky Martin Oct 3, 2011. 5 Replies 0 Likes
I have an "approved" short sale with BOA (first lienholder) for my seller2nd lienholder - I also have a negotiated approval3rd lienholder (USAA $144,000 balance-seller current) ) USAA refuses to play…Continue
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Patrick replied to Connie Salerno's discussion USAA Short Sale Nightmare-Help"I recently closed a file with USAA. It was a lengthy process and we went through two buyers while waiting on USAA to respond. It seems to follow the same pattern as your file. We had do some outside the box thinking on this one. The first initially…"
Joe McDermott replied to Connie Salerno's discussion USAA Short Sale Nightmare-Help"Depending upon your state, the seller will likely be on the hook for the full balance in the event of foreclosure as I don't know that USAA did any purchase money loans. I think their portfolio is made up primarily of HELOC's. They know…"
Kathleen Sheridan replied to Connie Salerno's discussion USAA Short Sale Nightmare-Help"I find that it is not useful to think that a lien holder has 'no sense.' Figure out how they benefit from their position. Then you can figure out how to respond to their counter offer.
The 3rd lien holder should expect to get $0 from…"
Bryant Tutas replied to Connie Salerno's discussion USAA Short Sale Nightmare-Help"WOW!! I haven't has the pleasure of doing 1 3 lien short sale yet. Firs, I doubt seriously that the borrower can sue the 3rd of the property gets foreclosed on. The lender does not have to approve a short sale. In most States foreclosure wipes…"
Short Sale Woes with USAA--Is it Legal??
I have an "approved" short sale with BOA (first lienholder) for my seller2nd lienholder - I also have a negotiated approval3rd lienholder (USAA $144,000 balance-seller current) ) USAA refuses to play ballThe seller offered to pay USAA the entire balance owed of 144,000 by giving them $6500 at closing and paying the remaining 137500 in monthly payments at an interest rate that USAA suggested initially until paid off. USAA said NO to this offer Instead USAA countered with demanding $70,000 cash…See More
USAA Short Sale Nightmare-Help
I have an "approved" short sale with BOA (first lienholder) for my seller2nd lienholder - I also have a negotiated approval3rd lienholder (USAA $144,000 balance-seller current) ) USAA refuses to play ballThe seller offered to pay USAA the entire balance owed of 144,000 by giving them $6500 at closing and paying the remaining 137500 in monthly payments at an interest rate that USAA suggested initially until paid off. USAA said NO to this offerInstead USAA countered with $70,000 cash from seller…See More
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- Serving Broward County. South Florida resident for over 20 years. Waterfront Specialist. Short Sale and Foreclosure certified.
Connie Salerno's Blog
Short Sale Woes with USAA--Is it Legal??
Posted on October 1, 2011 at 5:59pm 0 Comments 0 Likes
I have an "approved" short sale with BOA (first lienholder) for my seller
2nd lienholder - I also have a negotiated approval
3rd lienholder (USAA $144,000 balance-seller current) ) USAA refuses to play ball
The seller offered to pay USAA the entire balance owed of 144,000 by giving them $6500 at closing and paying the remaining 137500 in monthly payments at an interest rate that USAA suggested initially until paid off.… Continue
2nd lienholder - I also have a negotiated approval
3rd lienholder (USAA $144,000 balance-seller current) ) USAA refuses to play ball
The seller offered to pay USAA the entire balance owed of 144,000 by giving them $6500 at closing and paying the remaining 137500 in monthly payments at an interest rate that USAA suggested initially until paid off.… Continue
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