The bank had asked me to provide them with lien release for $3,000 or 10% whichever is less.Does anybody knows or done it before and give me an advice how to do it.I need to respond to them ASAP otherwise they will deny the short sale

Help is highly appreciated

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Tina. We need more information. Lien release for who? Are you referring to the 2nd mortgage? How much is owed? Who's the lender? Give us the info so we can help.
The SS is with US Bank 1st and 2nd .On first the balance is $179,900 and 2nd is for $55,707.Freddie Mac is the investor for those loans and they are requsting a lien rease for $3,000 or 10% whichever is less

Thank you for your help,
That still is not making sense. Are you saying that Freddie is asking YOU to get a lien release for their loan?

Tina Encheva said:
The SS is with US Bank 1st and 2nd .On first the balance is $179,900 and 2nd is for $55,707.Freddie Mac is the investor for those loans and they are requsting a lien rease for $3,000 or 10% whichever is less

Thank you for your help,
That is correct
Tina. It sounds like Freddie is wanting the 2nd to release the line for $3,000 (since this is less). So just place that figure as a payoff to the 2nd on the prelim HUD and submit to US Bank for approval. Then negotiate until they accept it. This is quite normal
I have a short sale with 1st and 2nd US bank .I did send the whole short sale package including the hardship letter and financial statement.Now the negotiator is still asking me for a proof of hardship.Does anybody know what I can do in this case
I have the very same situation with USBank. They have both my primary and secondary (line of credit). After talking with several departments, I found that the two loss mitigation departments do not share information and you have to basically work the line of credit as if you were working with another company.

I do not have the phone numbers in front of me but I can find them tomorrow if still needed. What you will need is to get the phone number for the loan loss mitigation department (which is different than the one for the mortgage). I got the number by calling the 800-USBANKS phone number.

They will basically ask for the same information you're sending to the mortgage loss mitigation dept. They will eventually send you short sale paperwork (which we haven't received yet). I was told that it could take up to 60 days for them to review everything.

Another thing I was told is that they will require you to sign an agreement to pay for the deficiency once everything is worked out. They will not release the loan until this is done. I'm working with a real estate attorney to try to negotiate to have this removed as our deficiency will be fairly high since we originally got the line to pay for 20% of the entire cost of the house to do the 80/20 split when this was an option.

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