San Jose Short Sale Q & A: The Second Mortgage Wants More Than The First Mortgage Will Give Them

Real Estate Agent with RE/MAX Santa Clara Valley

San Jose CA – The Stop Foreclosure Institute recently received a question from Aggie. Here was Aggie’s Question.Fighting Money
“We received a short sale approval on the 1st. They will only pay the second mortgage $3,000. The problem is that the second mortgage wants $5,500.
We are arguing back and forth with the second mortgage. The negotiator there said management decided they won't take less.
I told her the final decision should come from the investors not from management. Any help greatly appreciated. Aggie.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to Aggie’s Question. It sounds like the first is Fannie Mae or Freddie Mac. They will only pay $3,000 to the second.
To get the 2nd to take less money, you have to escalate the file. Contact the CEO, ask for a supervisor, etc. When you talk to the supervisor remind them they will get zero thru a foreclosure.
Now, you will need more bargaining power than a simple "reminder." How close is the first to foreclosing? If they are close, just play chicken.
Tell the negotiator that if the first forecloses and they lose everything, then you will be in contact with the CEO to let them know. Another tactic is to tell them the first is Fannie Mae and that is the most they will pay.
If you stay firm, refuse to take less, sell them on why they should approve the short sale on your terms, and threaten to contact the loan owner directly, then they will usually budge. We have gotten lenders to agree to lots of stuff by staying firm and refusing to back down.
But at the same time we stand firm we also go on the offensive. "If you don't approve this short sale and as a result you lose more money, then we will contact the loan owner, your stockholders, and the press", we tell them.
This business requires sales skills. Use your sales skills to sell the people at the lenders on approving the short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (408) 292-0486
Discover how other sellers successfully completed a short sale and request a free consultation by Clicking here.
Thinking about a loan modification? Our San Jose loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Guiseppe Matese.
Guiseppe is a Real Estate Agent at RE/MAX Santa Clara Valley.
Phone: (408) 292-0486.
Helping San Jose Families Avoid Foreclosure
Guiseppe Matese specializes in loan modification assistance and short sales in San Jose California. San Jose Short Sales. San Jose Loan Modification Help. San Jose Short Sale Realtor. San Jose CA Short Sales. San Jose Realtor.
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