Hello,

I was curious if other members have recently been successful in appealing to Freddie Mac allow more than $6000 to a 2nd. I have a WF 1st approval and Ditech 2nd, borrower has some assets and 2nd won't budge below $15k and really will fly the plane into the ground. I've escalated with them repeatedly and truly believe them. Parties are willing to contribute/buyer will raise offer but, of course, no luck with WF.  I've submitted an auth to Freddie and just getting going but thought I'd gain some collective wisdom. Thanks!

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No, never heard or seen FHLMC allow more than 6,000 to a subordinate lien as that's a hard set guideline. Generally you need to get the subordinate liens to play ball with FHLMC guidelines. At times 2nd's will try to get people to step into the grey zone of contributions. Be wary.

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Same here but thought I'd check. They aren't budging. Yeah, we're not going into contribution land. Thanks very much for your reply. 

FREDDIE MAC:  Is the 2nd Mortgage Required to Waive Deficiency?

I know Freddie has a $6k cap for junior liens. 

Does Freddie require the 2nd lien to waive the deficiency (in addition to releasing lien) in exchange for the $6k?  

Thanks.  Bill Garrett [email protected]

The $15,000 can be paid, but they won't get the $6000 out of the proceeds, meaning someone else would have to come up with it.  I'm surprised that Ditech isn't budging.  They usually know the rules.  I usually fax in proof that the first is owned by Freddie.

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