I have completed many short sale transactions successfully but now I'm stumped.
The scenario, I have had an approval letter (demand) from our first lien holder since Sept. At that time I sent the package to the second lien holder with an offer from the first. Spoke to a couple of folks at the recovery dept for the second, supplied more docs and waited a week. Ever since I submitted the addtitional requested info, I have not been able to contact the 2nd lien holder. I get a busy signal, until yesterday, when I was informed that the loan went back to GMAC. I was given another number to call. GMAC will not even negotiate a settlement because they say it is going to yet another company to service (Specialized Loans). In the meantime my first lien demand letter expires in 7 days and the new servicer does not even have the loan yet.
I intend on asking for an extension from the first, but what the heck is going on with the second? Any ideas on how to proceed? GMAC still has it but has declared no sense in negotiating a settlement unless we can close in 7 days. We all know with the new lending guidelines, that won't happen
Help!
1st lien - Wells Fargo
2nd - started at GMAC
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