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Morgan Stanley

Posted by Jeff Struchen on December 5, 2013 at 8:05am in Short Sale Discussions

Hello all! Long story short....Fannie Mae 1st with OCWEN (approved subject to 2nd release), SLS 2nd and Morgan Stanley as the investor. SLS acknowledged Fannies $6,000 max to investor but investor INSISTS on $15k! Walked them thru the scenario of write off / collection and then deal with collection attorney as well as eventual conclusion that homeowner will (if foreclosed by 1st) file BK to protect themselves from deficiencies and they will get nothing......hasn't gotten me anywhere. I have a regular phone number for Morgan Stanley but not sure if that is even something they deal with in their regular banking divisions. ANY suggestions? I could really use some contacts if anyone has them.

Thanks in advance....you guys ROCK!

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Replies

  • Jeff Struchen December 5, 2013 at 2:14pm

    Thanks for all the suggestions and clarifications. I will consider the prepayment idea, especially IF I can get a letter from SLS stating that they will accept difference at closing from Fannie as payment in full with no deficiency and IF they will agree to return the payment if the short sales falls. This is a cash transaction so no other contingencies and the buyer is ready to close.Highly unlikely it will fall, but you never know. Thanks again....

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