Any help in shortsales for Disable Vets???

I have a situation where a disable veteran was transferred to another area with his job.  He is trying to short sale his home.  He is not behind in his payments but upside in value.   The first is fine.  The second which is with 21st mortgage wants almost 60+ thousand.  The home will not appraise to allow the second what they want.  They will not budge.  Any suggestions other than foreclosure.  Any government agencies out there who will help a disable veteran negotiate this.  This is not a VA loan.

Thanks in Advance.

Charlotte

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Permalink Reply by Smitty on May 14, 2013 at 8:29am

Ron how is a job transfer not a hardship?  I use it all the time and have never had a lender deny saying it's not a hardship.  If a person has to move for employment purposes and is upside down, I see that as a qualification because it directly impacts their income.

 

I normally 100% agree with everything you post, but in this situation if a seller has to move for job relocation I disagree. That is a hardship IMO.

Permalink Reply by Smitty on May 14, 2013 at 9:37am

I don't get the impression he moved by choice, when she is saying that he had to relocate for his job.  I also don't think necessarily that she is saying his hardship isn't acceptable.  I pretty much read your comments and responded.  She is saying the second is not being reasonable in what they will accept.  Neither one of us have addressed that for her.

Charlotte, get to a manager and have a frank discussion as to why this sale isn't being considered for roughly 10% of the loan balance which is industry standard.  Now smaller second lien holders I've seen hold out for 40-60% of the loan balance which sometimes happens and if the first isn't willing to pay you have to try to make some other arrangement. 

Maybe if your borrower has some limited means, he can negotiate a small note as a settlement or even cash, but if you can clearly document he has no financial ability, and clearly to me, he has a hardship you may need to go right to the top of the chain at the second lender and plead your case.  I've found CEO emails and explained my situation more clearly.  You have to remember your dealing with processors who have guidelines they may be following and God forbid they misread something. 

I'm dealing with a primary lien that was denied twice and not truly reviewed in the manner it was necessary.  It wasn't until I emailed the CEO and board members that the file was opened and re-reviewed in the means necessary.  YOU MUST PUSH BACK and plead your case.  I find most servicers are willing to come to some type of agreement if they can live with the terms we are offering.  You may have to push it two or three times but don't give up.

Permalink Reply by Charlotte Lloyd on May 15, 2013 at 3:07am

I can clearly document he has a hardship.  He had to transfer to keep his job.  He can not keep paying for this house the place he lives in now.  Isn't there a government dept that would help disable vets in this situation.  He is no longer in the armed forces.  He works for a government (The FBI)  The second wants 75% of the note.  They are not budging no matter who we talk to.  The last time I had a problem with a vet I went to the state dept and they helped me but it was a VA loan.  This is not.

Permalink Reply by Kevin - Greenville, SC on May 16, 2013 at 7:59am

What type of loan is it?  Who is the Servicer?

Permalink Reply by Charlotte Lloyd on May 16, 2013 at 8:33am
Its the second lender at 21 st mortgage thats problem. The first has a hafa approval. Second wants 60k which puts the home almost 50 over a high appraisal.
Permalink Reply by Kevin - Greenville, SC on May 16, 2013 at 9:14am

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