I'm working on a 2nd lien approval with NYCB (formerly Amtrust) in Ohio. I had an approval from Jan 2012 that was waiving the deficiency for the borrower. Buyer walked 2 days before closing and we had to put the property back on the market.
Have a new buyer, 1st lien approved and now the 2nd (NYCB) is approving the short sale with the right to pursue the deficiency. Saying they will not waive the deficiency this time as their policy has changed.
They also won't try to work out an agreement before closing to waive the right to the deficiency because "the 1st being FNMA, doesn't allow us to take any funds at closing." Have not heard that one before.
In any case, has anyone had a similar experience with NYCB and been able to get them to waive deficiency in the end? Your thoughts are much appreciated.
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I'm working on one right now, my file is a second lean on a $ 65000, first they said they will give us the approval with a $ 6172 payoff. 3 weeks later came back with the request of $ 5000 seller contribution. And the first lean is Quicken loans. I don't even know if they will agree to that. What you guys think? anyone had the same issue before?? How should I pursue?
We closed one in February with a first and second with NYCB. They would not work out an agreement prior to closing and kept telling us they would negotiate after close of escrow. We contacted them and they will only accept 80% of the original balance. This would be over $200,000 from my client. They won't look at anything else and have been calling the client daily.