For my short sale, I'm approved for the $3,000 relocation assistance from my primary lender. I'm considering waiving the relo $$$ to keep secondary lender from taking it. My question is: can the secondary lender consider/take this money as additional funds to apply towards their share of the mortgage deficiency or are the relocation funds somehow protected & payable only to me? Any insight would be appreciated.
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Don't be silly.
"I f necessary" you should use that $3,000 to assist in your negotiations for both "satisfaction and release" of the subordinate lien.
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JSav - I don't think they can "take" it. They might ask you for it, though.