Have an offer in neg the 2nd is Chase and total owed on 2nd is $125k min they will accept is $30k WF is only offering $1200 anyone else had to deal with this big of a gap?

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Well The Norm use to be the 1st lender only allow 3000.00 to the 2nd , but in most cases the 1st don't give much to the 2nd at all.  They always come back and try to get something more , but I would go back to both and offer the 3000.00 see what they counter you at?

Thanks I'll try that. I had submitted at their guidelines of $6k or 6% whichever was lowest but I will try this as well

A couple of points: the investor sets the guidelines, not the servicer (although pinhead negotiators can do pinhead things thinking that they are in charge); knowing the investor and his real policy is useful - FNMA gives no more than 6% and I think the max is $6K.  More than one time I have told a 2nd that the 1st investor is FNMA and FNMA is probably one of their biggest clients so I know that they know that they are not going to get any more. The other point is that you can have horrible people in 2nd position or horrible companies with horrible people - collections departments are the worst and a pinhead there can be the worst of the worst.  They play what they think are the odds - got the note at a discount so push way hard for big payout.  They figure that they lose 100% on some but others have someone desperate enough to pay them off so they feel that they average better payout overall.  The fact is that they don't, but they are taught to go for the gold.

Many times, you can wear them down, use logic, rinse and repeat.  Often their first line is very deflating, as it is intended, but you weather it and keep coming at them.  Same as with bad negotiators, when you hit a wall ask for the manager.  In this case, you'll get some egos who claim to be the manager - claim to be the owner, etc.

I think that paints the picture for you.  If you fold quickly, you lose.  (I think too many realtors get into short sales thinking that the bank is a friend who will help them work things out so quickly get discouraged when they run into something negative or something that a banker says to indicate it is probably hopeless, etc.  No, the bank is not your friend.  When you know that, I think you find it easier to stay alert and fight to do the right thing for your client...and you.)  Good luck!

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