I recently had the fun of negotiating with Compass Bank as the 2nd Lien Holder who fairly quickly informed me they had an acceptance of our offer! When I received the acceptance letter, it was actually and acceptance of what Compass would like to have, which was $1,500 more and NO release of deficiency that was originally requested!
They are telling me that Compass does not release deficiency! Does anyone have a route or successful experience getting a deficiency release? This is NOT a HAFA deal, and funds allowed by the 1st is 6% of 2nd's loan balance.
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This may be there policy try negotiating with them for a 25% to 30% payoff. Otherwise you can negotiate with the collections department after the sale. or tell the seller to just walk away at that point they may be better off.