O.K. So we all know the short sale process is really fun to start with, but what are 2nd lenders thinking?? We represent many sellers in the short sale process and we all know several will have 2nd mortgages. We are working a file now that has a 2nd and the wonderful bank wants 20% of the balance owed to settle and give approval for the short sale. After going back and forth with them for many weeks and trying to counter, they just come back with the... Sorry, it's 20% ( cash only, no payments) or nothing. O.K. so you want 20% or nothing, the first will give you $3,000, but if you only want 20% or nothing, I guess you will get NOTHING !! The home will be taken back by the 1st, the wonderful 2nd lender will be wiped out and they will get their wish of NOTHING. What on earth are they thinking? Good luck with the hard ball play, it just won't work in the long run.
Michael & Belinda,
sometimes i think there are unwritten rules to negotiating with lenders, that i can't find.
5150.....that's police code for CRAZY!!!! That's what these second lenders are. lol They really do think they can pull rank, don't they?
I am currently working with a local office on a short sale, I am the buyers agent, the sellers agent is working for the seller who's lender is B of A. Why does the equator system c/o Bank of America keep rejecting the documents when the sellers agent submits them?
Please, if someone has informtion on how to best approach or contact a live person, I and the sellers agent would like to know.
I have worked with other lenders on short sales, and they did not seem this difficult to work with....
Linn, I just sent you a message with a BofA contact in the SVPs office over defaults.
Seconds ask for 20%, because they get 20%. I agree that it is a battle, but I have got a second lien as high as 36% of their UPB in order to get my client a full release of liability on a cash out second.
First liens will give in if you get to the right person with the right message (it's not about forcing them, but showing them with their numbers that it is still a better net return to allow the second 20%, than what they would net after foreclosing). Of course having the calculations helps to portray this info, but that isn't hard to get either.
Trent
TheShortSaleGenius.com
Well sometimes i dont know what to think of short sales. They are getting better and then they are not!
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