Suntrust holds both 1st and 2nd - does that help or hurt?

This week we finally have an accepted offer and... my seller clients were notified that foreclosure proceedings have been started.  In Georgia we are a non-judicial foreclosure state, so literally after advertising for 4 weeks, the home will be sold on the courthouse steps 1st Tuesday in April - unless we get the short sale and foreclosure departments to cooperate.

 

Does it expedite the negotiations to have Suntrust holding both the 1st and 2nd mortgages?

 

 

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Replies to This Discussion

Permalink Reply by Missy Caulk on May 10, 2010 at 5:40am
Lovely.....(((sigh)))

Jeanne Dufort said:
Missy
today I was told that Kathy Bagby is not a negotiator, she is a setup coordinator, and it should take at least 2 weeks for a response to the escalation.
Jeanne
Permalink Reply by Missy Caulk on July 19, 2010 at 11:23pm
Jeanne, my Suntrust Short sale was approved yesterday. They hold the 1st and the 2nd. My negotiator sent both approval letters together. She told us what to put on the 2nd and that was 5114. No deficiency will be pursued but they will be 1099 which I had already told them to expect this.

The offer was submitted around April 5th. We kept asking every week starting in June for the file to be escalated. They gave us until Sept 15th to close but we will close much earlier.

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