SLS wants $8,000 (balance is 43K). The first, GMAC with FNMA as investor will only give 6% of balance. They are both willing to give full satisfactions so borrower is trying to get cash to contribute. Has to give $5,000 to first and then will have to give like $5,400 to second. New problem: GMAC said they won't allow seller to contribute to 2nd - they want it. Purchase price is only like $50K so trying to get buyer to contribute is fruitless.
Any advice?
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Ok, So I found this courtesy of Steven T Cook on the Short Sale Specialists Network. I have called the Executive Resolution Department and was told they would have a manager in the Loss Mitigation department call me back.
"Found this on their site: If you have an unresolved issue with SLS or the level of customer service you have received from SLS has been unacceptable, please contact our Executive Services Unit at: 800-268-9956, Monday through Friday, 6:00 am to 6:00 pm MT.
If that is not sufficient, here is the contact information for the President/CEO, John Beggins:
+1.720.241.7301
[email protected]
Specialized Loan Servicing LLC
8742 Lucent Blvd Ste 300
Littleton, CO 80129-2386"
I have the same scenario here where SLS wants $7,100 and the 1st Lien Holder wants to contribute $5,100 and they don't allow the seller to pay the diference! Any
Hi,
Twice in the past I have gotten SLS to chage the letter to the amount the first lender will allow and then they gave us a Promissory Note for one week for the additional amount. We paid the Prom Note outside of closing on the same day and all went well.
Good Luck!
I have requested that several times but to no avail yet. Who did you talk with to get the approval of the first lender's amount + the Prom Note outside of closing?
Hello Ian, did you ever found out about this? In my transaction SLS wants 6%,,thinking about offering promisory note for the remainder(6%-what 1st is offering)
What happens if we say no, and put the property back in the market, then would SLS more cooperative on next offer? Please advise.
What is the end result of this transaction? I am in the same situation with FNMA as first. In CA we can not have seller sign promissory note and nothing outside of escrow. Any help? Suggestions?
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