Unfortunately mine is also a Well Fargo HELOC lien. So I guess this deal may never have been a possible short sale offer after all - very difficult for me to write after being involved with this seller for the last 6 months. I guess the only differences could be that my seller already went through bankruptcy about 10 months ago and states that the debts were never reinstated (which makes him even less likely to sign any note acknowledging this debt). Also, I guess the law could vary by state. What state are you dealing with (if you don't mind me asking)?
I do understand your response completely. I guess I'm left just wondering if they were offered significantly more money, then would they give in and offer a release. In my offer, we are offering Wells Equity about 45K for a 175K note (about 25%). I guess I was just wondering if they might ask for 50% or some other dollar value for full release - if they thought they could get it.
There was another discussion here which did suggest they would release for about 25-50% (see below link):
I am not licensed in DE. only MD, D.C and VA. I do have a friend that works at a title company in DE and he will give me the contact info for one of the the agents they work with that has a lot of experience in short sales. Please send me an Email with the best way for him to contact you so you can interview him and decide if you'd like to refer him the client. My Email is [email protected]
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