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Help!!! 1st won't agree to what the 2nd wants

Posted by Mike Giancanelli on August 26, 2011 at 2:43pm in Short Sale Discussions

Help!! I have a 1st with Carrington Mortgage that was approved but has expired due to the extended time it took the 2nd  (Ascension Capital Group) to get an approval. The 1st had agreed to a net amount and stated as long as their net wasn’t effected they where ok with the 2nd receiving some money. Now the 1st will not agree to the amount the 2nd wants even though it does not change the $$ the 1st is getting.. Any suggestions.

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Replies

  • Brent Innocenzi August 29, 2011 at 6:06am
    My experience with Carrington has never been a positive one. Every negotiator I have ever worked with has been very difficult to negotiate with. i.e. - BPO value was $145k and our offer of $150k was declined and the negotiator stated unless we got an offer for $160k he would close the file and they would foreclose. I escalated the file and within 24 hours I had an approval letter. So I work with them until they become difficult, which they always do, and then I just escalate and all my issues have been resolved.
  • Wendy Rulnick August 27, 2011 at 3:28am
    Mike - Did your negotiator change at Carrington?  If so, and you were specifically told that the net was the only factor previously, tell your current negotiator.  Give the date of the statement and from whom. I've had Carrington change their request when their previous statements were brought to light.  Or are you relying on an approval letter that actually states "net = x"? Does it state on the approval letter "junior lien to get zero"?
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