HOW TO DEAL WITH JUNIOR LIEN IN COLLECTION?

Has anyone tried to negotiate a junior lien with a collection agency? It seems like they are asking for 25% of the balance and has been dragging the transaction. I have 2 short sales where my 2nds are with collection agency. I am dealing with CBCS and the other is FOCUS MANAGEMENT GROUP. Any input will be very much appreciated.

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Permalink Reply by The Negotiator on January 6, 2011 at 2:53pm

"The foreclosure auction is in 30 days at which time you will lose all rights to receive anything. Please let me know when you want something rather than nothing. You have 3 days to respond which will allow enough time to process the short sale before auction. Thank you"

Permalink Reply by Jeanne Dominguez on January 6, 2011 at 6:41pm

Excellent response! I'm gonna try it!

Permalink Reply by The Negotiator on January 6, 2011 at 7:37pm

As negotiators, you must not be afraid to call a bluff and/or state the facts and/or remind the bank what the deal is.

I don't know how many times I've told a negotiator to close the file and that I would let the homeowner know to let the thing to to auction because a shorts sale is not possible.

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