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Maybe not negotiable today, but things change.... I can't tell you how many times I been told this is not negotiable...
People change, situations change.
As a Short Sale Advisor,I believe there are still obligations from homeowners to fulfill their debt contracts to some degree. Because the third lien holder doesn't want to waive their debt doesn't mean the deal is completely dead. It just means that they may need to sign an agreement to pay the debt of the third lien holder, in some form of a payment plan.
James -- another possibility is mortgage insurance. If the loan forecloses, the third lien's MI will pay them. But it the 3rd settles for some amount and then tries to collect from the MI for any difference, they might get nothing from MI. In the end, they might end up with more money if the loan is foreclosed than by agreeing to a lower payment.
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