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US Bank as 2nd lien holder wants to transfer lien to other Real Estate

Posted by Paul Aceto on March 7, 2011 at 3:36pm in Short Sale Discussions
I have a short sale transaction involving US Bank as 2nd lien holder holding a note for $30,000. They have been offered $5,000 at closing.  However, they are insisting that borrower agree to have the balance of loan, $25,000, transferred as a lien to his vacant land.  The problem is that the land is only worth $20,000. No atlernatives are being offered. Seller refuses. Any help is appreciated. Thank you.

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Replies

  • Bryant Tutas March 8, 2011 at 12:27am
    Interesting. You just have to keep pushing US Bank. If the sellers feels this is the bottom line offer then they need to make a decision on whether or not they move forward. I would also suggest they seek legal advice.
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