Wells Fargo 2nd lien holder / Chase is 1st. 2nd is an equity line

Wells didn't originate the equity line years ago. 

Any pointers on negotiating with them on an equity line to work this short sale.

I've sold short sales (30 year broker) but have not delved into listing them until now.  This one is in my neighborhood so it is of interest to me.

Chase has 1st and offered owner $3K cash for keys, but his negotiations fell apart with WF on the equity line; so he stopped talking to anyone.

Because of previous tenant relationship I became aware that property owner was in default and began pursuing the short sale listing.

Appreciate your guidance in this area and input.

Debra Derman, CRS, GRI, ABR

Broker-Sales Associate

Surfside Properties and Management.

Views: 156

▶ Reply to This

Replies to This Discussion

Permalink Reply by Short Sale Superstars LLC on November 13, 2012 at 1:49pm

Debra,


         If you can get Chase to review this for the HAFA program the 2nd lien with WF HELOC should participate and take 8,500. If this is not able to be reviewed for HAFA typically Wells Fargo will take 10% of their unpaid balance as a release of lien, but since it is a HELOC it is possible they may push for more. Don't let this discourage you as it is possible to get them to take less.

[email protected]

www.ishortsalenow.com

310-564-6389

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************