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.
What to do? (sorry to over post ~ also on SLS page but really need to figure out what to do)...this is so dumb! :)
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Have a very similar situation with USAA on a second right now. USAA wants seller to give them 15% of the balance before the sale and sign a prom note for the remainder. They will release the lien if the seller gives them $3000 now and they get $2500 from the first.
Can your sellers work this out before closing?
Have a very similar situation with USAA on a second right now. USAA wants seller to give them 15% of the balance before the sale and sign a prom note for the remainder. They will release the lien if the seller gives them $3000 now and they get $2500 from the first.
Can your sellers work this out before closing?
I have had similar situations with GMAC being the 2nd. Since the money is coming from the seller can't she make a "payment" on COE to SLS and then have the 6% on the HUD go to them at closing. This is what GMAC negotiators have had us do for them? You would need to get 2 approval letters from SLS. One for the 6% from GMAC as payoff and then a 2nd that stipulates the homeowner will bring in a payment of $5,400 for the full release from SLS.
I have a deal I just started that is a GMAC first with a SLS second. I came here looking for answers as well, but I dont know if any exist. I just spoke with rep at SLS and they are pretty content with foreclosing just to punish my client. I actually going to try Jeff's idea.
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