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Who wants to hear a great Short Sale story? Tragic but GREAT!
I have this short sale that I have been working since June 2009, it took a week to identify a buyer, 6 months to get the 1st lien holders approval and ten 10 weeks to get the 2nd lien holder to approve the sale.
The 1st lien holders closing date was not met by 6 weeks while we were working things out with the 2nd lien holder so we needed to go back to the 1st lien holder for approval of the extension and also of the new HUD as the 2nd lien holder would not except anything less than $12k, a little over 10% of the lien.
Oh, I failed to mention that during our negotiations the 1st lien holder set a trustee sale date for May 20th, today. I would too as the seller had not made a payment since October of 2008.
OK, you following this, we received the 2nd lien holders approval 4 days before the trustee sale. We sent many e-mails, faxes and made many calls to the 1st lien holder over the past four days and did not hear a word. Last night we thought the train had hit the wall, so I call ... more
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