I just initiated a SS with SPS and when I was on the phone with the rep I asked how much does SPS normally contribute to the 2nd lien holder in order for them to approve the short sale... She then asked why would SPS need to contribute any money to the 2nd?
Has anyone dealt with SPS recently where they were the 1st lien and there was a 2nd involved?... It could have been that I was speaking with a Rep that is unfamiliar with the SS process.
Yes you were most likely speaking to a customer service rep in Jacksonville Fl. SPS guidelines of proceeds to a 2nd lien are "investor specific" meaning one investor may allow 8% of the unpaid principle balance owed to the 2nd and another may give 10% or more But the answer is in 99% of short sales with SPS they do give proceeds to a 2nd mortgage