I am negoiating with CENLAR on a HELOC and they are not willing to take less than 10% but 1st is only offering 8500.00. Borrower used the HELOC 100% for the purchase. Im I correct in that the 2nd is a non-recurse loan?
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Whether or not it is a non recourse loan will depend on your State's laws. What the difference in dollar amount? Can the buyer or seller pay it?
CA. Buyer has no issue paying the difference but first lien holder(BofA) is not allowing it nor agent contribution. Second lien want's 15K first is giving 8500.00. I have escalated to a VP level with CENLAR but investor (state farm) is not budging on the 10%. Negotiator for 2nd sent approval letter for 15k. 7 to be paid outside of escrow and 8500 would be approved on HUD. Which can not be done.
I have not brought up to CENLAR the fact that the second was used for the home purchase. This is a HAFA short sale.