Replies to This Discussion

Permalink Reply by Wendy Rulnick on August 17, 2009 at 3:19am

Why won't first lien give $3000? Who is first lien? That sounds reasonable.

Permalink Reply by Mary Lou Burton on August 17, 2009 at 7:00am

First is Citi. Investor will only allow $2000. SunTrust nows says Citi can only net so much, $5000 less than what they will. My title company says they have never seen a second dictate what the first is allowed to net. What a game and it amazes me that they pull this stuff. I am still $1700 short on closing cost, even though the first readjusted the figures and now will allow more to cover cost............there are so many hurdles to jump.....this is what legends are derived from. Or is that nightmares ??????

ps, I had another short sale, representing the buyer and when the first offered only $1000, the second would not settle for less than $3000, so my buyer offered the difference to the second, they accepted. The listing agent gave my buyer the contact numbers and the first never called her or me back. We tried for three weeks. The house went on the market months later for $23000 less than what she offereded.........and the house was a 9 among those listed in that area. And, back then we were the only offer. .

Permalink Reply by Jeff Payne on September 3, 2009 at 1:20pm

I have 2 suntrust short sales and on both Suntrust has the 1st and 2nd and claim that there is PMI on the second. Not sure how that works, why would there be PMI on a second mortgage?

Permalink Reply by Mary Lou Burton on September 5, 2009 at 4:26pm

My deal was a deal from Hell. The first was Citi, 2nd SunTrust. SunTrust claims there is PMI on all there seconds. But, isn't the purpose of a second to break down the total to eliminate PMI when the buyer doesn't have enough down payment. Anyway, the deal did close, but only because someone made it happen. The next problem was that SunTrust would only accept $3000, but, the first would only pay $2000, so only $2000 was allowed to be on the HUD.......The buyer and seller paid the $1000 but that could not show on the HUD. SunTrust claimed that their PMI investor required $3000 and that is when the whole thing fell apart. In one day, I had 53 e-mails trying to make it work. I did close the deal but it sure wasn't worth the dayssssss I spent on the phone and web mail trying to find a solution that everyone would accept.

Wish you luck with yours.......let me know how it works out.

Jeff Payne said:

I have 2 suntrust short sales and on both Suntrust has the 1st and 2nd and claim that there is PMI on the second. Not sure how that works, why would there be PMI on a second mortgage?