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Ballpark on HELOC 2nd's realistic settlement percentage?

Posted by Pat Hood on November 13, 2015 at 12:08pm in Short Sale Discussions

Hi...Short sale with Chase first and $98,000 HELOC with Everbank. Investor on 2nd is River Source Life Insurance Company, Minneapolis, Mn.

Everbank has rejected my first HUD where I offered them $2000.Realistic for me to expect them to take 5 cents on the dollar? or around $5000?

Thanks for any input...

Pat Hood

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Replies

  • Wendy Rulnick November 14, 2015 at 7:12am

    Pat - It sometimes depends on the type of loan the senior is.  Otherwise, 10% of the junior balance is common. Ask them.  

    • Pat Hood > Wendy Rulnick November 15, 2015 at 11:58am

      Thank you, Wendy. On my Hud to Chase I allowed for 10% but was curious about what is typical...

      Thank you again!!!

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