Anyone had this issue? The first lienholder is requiring the approval of the second lienholder as proof that they will release the lien prior to issuing an approval letter.
Of course, the second is saying they won't issue their approval until they have approval from the first. I can't find anything definitive in the servicer handbook except for the section that says 6.2.4.2.1
The second lienholder is Citibank and they are being very obstinate. Any ideas?
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Mine is not HAFA but - Yes, I'm going through this right now. BofA 1st and SLS 2nd. BofA will not send the file for approval without an approval from SLS. I spoke with both negotiators and they know it's a catch-22 so this is what I got: SLS (2nd) provided a letter stating exactly what they would accept and signed it. I sent it to BofA (1st) which of course is too much $ - BUT - they are at least looking at it And I got SLS down from 25% of UPB to 10% of UPB. So, we will see where it goes. BofA has already declined this file twice before and the Seller's financial picture keeps getting worse each time.
Best of Luck,
Thom Colby
Broker / Negotiator
Newport Beach CA
Yes, I have a short sale where the first is with Saxon Mortgage andthe second with GMAC. Saxon would not complete the review of the file until I received an approval from GMAC. GMAC didn't want to do it this way, but there was a pending sale date and in this case it was to their benefit to provide the approval letter.
Citibank is usually pretty easy to deal with. I would keep moving up the ladder and making my request known. Hopefully you will find someone who has enough sense to deal with the situation.
Folks - As for negotiators "making up their own rules" - Here's how I operate;
I use Top Producer 8i - mostly for the "Notes" feature. Whenever I am talking to a lender's representative, a client, an agent, etc. I am typing the entire time. I keep copius notes - why ? Because when I talk to that person again or need to follow-up, I can refer back to the date and time we last spoke and quote fairly accurately what they said in that conversation.
Often, it takes the person off-guard and gets them back on track;
Example Hello Mr/Ms negotiator, On Friday December 10, 2010 at 11:37am Pacific Time we spoke about 123 Main Street Loan # 123456789. During that 32 minute conversation you instructed me to send in an updated HUD and told me you had everything you needed and would review the file on Monday December 13th for submittal to management for approval. Today is January 14th and I am following up on that conversation. Has management reviewed the file and what's the next step?
It seems to work.....
Thom Colby
Broker / Negotiator
Newport Beach CA
Folks - As for negotiators "making up their own rules" - Here's how I operate;
I use Top Producer 8i - mostly for the "Notes" feature. Whenever I am talking to a lender's representative, a client, an agent, etc. I am typing the entire time. I keep copius notes - why ? Because when I talk to that person again or need to follow-up, I can refer back to the date and time we last spoke and quote fairly accurately what they said in that conversation.
Often, it takes the person off-guard and gets them back on track;
Example Hello Mr/Ms negotiator, On Friday December 10, 2010 at 11:37am Pacific Time we spoke about 123 Main Street Loan # 123456789. During that 32 minute conversation you instructed me to send in an updated HUD and told me you had everything you needed and would review the file on Monday December 13th for submittal to management for approval. Today is January 14th and I am following up on that conversation. Has management reviewed the file and what's the next step?
It seems to work.....
Thom Colby
Broker / Negotiator
Newport Beach CA
Cami,
If we had a dollar for every time the loss mit rep had lied to us, we would be rich and could do short sales for free on a philanthropic basis :o) LOL
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