How To Negotiate a 2nd Lien HELOC Short Sale once outsourced or collection agencies?
I have a 2nd HELOC, not a purchase money which is now with Focus Management Group, originally with Wells Fargo. Having a tough time getting a buyer that will come out with substanstial amount. My seller will not come out with no monies (unemployed) nor settle with a promissory note. BofA as the 1st position will only give $3,000.00. Am I on a deadlock here?
"The balance amount on the loan is $259,405.33. 20% of this amount will be $51,881.07 the lien will be release with no deficiency balance or 10% $25, 941.00 for lien release only."
Loren Hill
Collection Manager
Focus Receivables Management, LLC
Direct... (678) 228-0010
Fax... (678) 228-0018
Comment
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Comment by Bryant Tutas on July 21, 2010 at 12:38am
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Amy. That is certainly a pretty big gap. The seller has already signed a promissory note for the amount of the loan. If they could substitute a note for $259,000+ for a new note of 10% of that with no interest wouldn't that be a good thing? Your sellers need to seek legal advice.
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