Hi all,
I put in an offer on a short sale, Wachovia 1st, Suntrust 2nd, on June 21st. Wachovia came back in 2 weeks - it has been out at Suntrust for 7 weeks. The seller's realtor's latest update was "Was told that they have reviewed the BPO and the file will now go on to the review of the contract. From there the negotiator will be assigned".
I have to be out of my house in 3 weeks. Would it hurt me or help me to try to contact some higher-ups in Suntrust? Any other methods of escalation I can try? The seller's realtor doesn't seem terribly motivated to do much beyond calling the 1-800 number...
Thanks for any assistance!
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Cotz, who didn't know there was a second? Certainly the seller and the sellers agent knew there was a second?
Cotz said:That is the exact situation we are in, only it is not our fault, we didn't know there was a second lien. What is the difference with a HELOC v. purchase money as far as negotiations go? Thx
Ray Snook said:Well I hope that having paid for inspections, appraisal etc Suntrust doesn't play hardball. Lets hope the second is purchase money and not a heloc spent on anything other than the purchase.
Well it is essential to know up front what liens there are on the property and so most agents order a preliminary title report either just before taking the listing or certainly within a day or so of taking it. This report shows all liens and judgments on the property. Knowing what you are up against is crucial early on so that you can work with all lienholders for a satisfactory solution.
In answer to your previous query when a 2nd is purchase money normally they are in a situation, in some states where they cannot reserve the right to deficiency in a foreclosure, but if it is a HELOC used to buy other items then 2nds can sue for deficiency after foreclosure, and they may not be interested in settling in shortsale unless the seller takes a promissory note or pays cash. And then of course the 1st may not agree to any payment to the second from seller or anyone else since they have first call on any cash. The agent should be well versed in how to address any issues that arise, but at the end of the day even a good agent can lose a short sale to a stubborn investor. There are never any guarantees, but the earlier you find out about everything the more chance there is to negotiate a successful conclusion.
I really wish you luck.
Cotz said:
The seller did, but apparently the agent did not read the disclosure...and the title company did not do the search until very late. We were a week to closing when we found out about the second. Well actually we knew but we assumed that the professionals involved were handling it, maybe it had been settled or something. We figured between the seller's agent and the short sale negotiator attorney they would all have it covered. We're trying to be patient and hope it works out.
Jeff Payne said:Cotz, who didn't know there was a second? Certainly the seller and the sellers agent knew there was a second?
Cotz said:That is the exact situation we are in, only it is not our fault, we didn't know there was a second lien. What is the difference with a HELOC v. purchase money as far as negotiations go? Thx
Ray Snook said:Well I hope that having paid for inspections, appraisal etc Suntrust doesn't play hardball. Lets hope the second is purchase money and not a heloc spent on anything other than the purchase.
Ray, Have you seen a Suntrust HELOC loan (not for purchase on the property) sign off and not sue the seller or ask for money to settle?
GMAC, 1st mort. holder,
has approved the seller for the HAFA program and we are just waiting on Suntrust. Suntrust just placed the file in escalation on the 11th of this month. Any experience on a time frame or them approving in this situation?
Thanks!
You cannot escalate as a buyer, but if you know if it is Suntrust Mortgage or Suntrust HELOC on the 2nd lien? You can email me and I will give you a good contact to reach out to. They are higher ups but you will need to be persistent as they are very busy. Perhaps you can provide that to the authorized parties and help get it moving. Suntrust is notorious for being consistently long...
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