Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

5th 3rd prefers ZERO dollars over $4,500 in a short sale now. Any suggestions?
I have not run into such a brick wall in the hundreds of liens I have negotiated.
My client is doing a short sale on an investment property. Sales price is $175,000. The first mortgage, Citi, is taking a short sale and allocating $4,500 towards the second mortgage, which is 5th 3rd.
5th 3rd wants the entire remaining balance of $40,000 to be repaid by the seller. 5th 3rd wants the seller’s current 2nd mortgage on the investment property to be transferred as a third mortgage on the seller’s personal residence. The seller may have maximum $5,000 to $10,000 equity in their personal residence, but not really if you factor in selling costs and closing costs.
5th 3rd demands, per some “policy”, to have the seller encumber his personal residence up to 140% of its value.
5th 3rd also disregards the seller’s financial statement. The financial statement shows about $2,000 monthly negative including the loans that are included in the short sale. After the short sale, the seller will be barely making ends meet.
5th 3rd claims that according to his credit report he has $2,000 of discretionary income, even though the CREDIT REPORT DOES NOT REFLECT most of his expenses ... more

__________________________________________________
Are you on The Rain? Grow Your Network!