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Nope, you just have to negotiate with the debt collector. I have done a few and they were not so bad IF you get someone who doesn't think their job is to be jerk and make your life miserable
I just completed a short sale where the 2nd was for $95,000 and turned over to LTD Financial for collection. Citimortgage was the lender. Both 1st (WF) and the 2nd went HAFA. The 2nd settled for $6000. It was the easiest 2nd I've ever negotiated.
Good luck
Marcy Spieker
Seattle, WA
Hi Marcy! We are going to try HAFA on the 2nd as well. Thank you for the encouragement. The 2nd twice as big as yours was, but I'm still hopeful/
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Marcy Spieker said:
I just completed a short sale where the 2nd was for $95,000 and turned over to LTD Financial for collection. Citimortgage was the lender. Both 1st (WF) and the 2nd went HAFA. The 2nd settled for $6000. It was the easiest 2nd I've ever negotiated.
Good luck
Marcy Spieker
Seattle, WA
thanks Jeff, wish me luck!
Jeff Payne said:Nope, you just have to negotiate with the debt collector. I have done a few and they were not so bad IF you get someone who doesn't think their job is to be jerk and make your life miserable
It can be done, I have one with a 2nd at a collection agency and they want the short sale - better than nothing! We don't have a contract yet but I did contact the collection agency to see if they would be agreeable to the short sale and they said YES.
The fact it is in collections is irrelevant- if you are the debt collector & you have a choice between something or nothing if sold & auction. Which would you choose? Short sales are about what the house is worth now. Not how much is forgiven. If you can go HAFA so there no deficiency rights or just negotiate them away- all the better.
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