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I feel your pain. I'm in the same situation.
Provident Funding (servicer of the 1st mortgage, which is owned by Freddie Mac) will not allow 3rd Federal (servicer of the 2nd mortgage) to get more than 3k, regardless of the source of additional funds. But 3rd Federal wants the seller to contribute $1,000.
So.....the whole short sale could fall apart over $1,000. Freddie Mac would rather lose $26,000 (REOs are fetching 20% less than Short Sales) than let the 2nd lender get another $1,000?
Preposterous.
If this were Fannie Mae, we could appeal and get this approved easily -- I've done it before. Fannie Mae knows this is a glitch in the system that creates a catch-22 for short sales.
I am appealing to Freddie Mac, but no answer yet.
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