WF not budging on 2nd Lien release, wants full payment...UGH!
I have a Short Sale that has been approved by the first Lien holder, Selene Finance. And WF is the Jr lien holder (2nd Lien Holder) for a loan balance of $110,000.....this the Sellers primary residence. The first lien holder is willing to pay WF $11,000 to release the lien, however WF will still not forgive any remaining balance or even consider any additional payments from the borrower towards this for a release unless it's the entire loan balance. I have only done 30 short sales but have yet to have this happen. Can anyone else offer any ideas on how to handle this? We are in the state of Hawaii.
Replies to This Discussion
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Permalink Reply by Celeste ODea on
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The seconds are always the most difficult to negotiate, and I haven't had a situation like yours, but you could find out who the investor is on the 2nd and contact them directly. You could also re-write the hardship letter to prove that they don't have the funds. Or, see if they can sign a promissory note. If they file for BK at a later date, it could be included in the BK. Or, tell WF that if it goes to foreclosure they will receive nothing. Let us know what happens.
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Permalink Reply by Greg Bloss on
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Mahalo Celeste, Yes I told them that if they do not make some kind of movement the Seller may have to consider BR, and she told me to stop threatening them? WOW. I said I am not threatening only explaining what other options might be available...Thanks for your input, maybe a new letter is what is needed
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Permalink Reply by John Treadwell on
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Ask for her supervisor number and insisted on it, have all the proof for the hardship or offer to sign a note to clsoe the deal
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Escalate it. You can try this number and maybe someone there can put you in the right direction: 877-841-5301. Also, I agree with John. Get the supervisor's name as well as that person's supervisor.
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