Im working on a short sale were the first with chase is $1,000,000 and the 2nd with Wells Fargo is $400,000. The do not qualify for a HAFA so who decides how much the 2nd will get? Is Wells Fargo going to want to negotiate a large amount or note? Has anyone come across this?
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Joanne,
It will be up to the discrepancy of the investors guidelines on the 1st note in regards to how much is allowed to subordinate mortgage liens. I'd be asking the 1st mortgage to review a larger payoff to the 2nd than what I would be initially presenting to the 2nd mortgage. It will depend on many factors on how much the 2nd requests. Is the loan charged off? It is possible they come back requesting more than what the 1st is allowing and in that case contributions may be forced into play.
If you have any questions or need anything at all please feel free to reach out to me as my door is always open.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com