I am in middle of negotiating a second with MI involved through BOFA. First is also BOFA. They wanted $5000 CASH and $5000 promissary. We negotiated out the promissary. So now $5000 cash only. However, they will not satisfy the lien. My sellers are enlisted military who were forced to move and tried renting and making up the $500/mo difference til they have nothing left to give.
What is the benefit to them to beg, borrow $5000 to make this short sale happen?
Input please! Thanks.
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Wow! I will definately let you know where this one ends up.
$2500 cash contribution, but didn't have to be from sellers. BUT we already cut commission to 5%. When the HUD was re-done with taxes paid, the seller only needed @$220! Whew! BUT still did not waive deficiency.
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