Ridgewood Short Sale Question: I’m In A Jam With Two Mortgage Companies Fighting Over Money

Real Estate Agent with RE/MAX Properties - Saddle River

Ridgewood NJ – The Stop Foreclosure Institute recently received a question from another agent named Bonnie. Here was her question.

“On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed.

Then, I offered the second mortgage what ended up being 12% of their loan. They are owed 76K, I offered 9600. Here is the problem. Now, they want 15K and are saying that is their final offer.

I do not think the first will allow them to receive that much. The first is HSBC. Do you have any suggestions on this one?

What would have been a better approach…offer to the 2nd on a different HUD a smaller amount to start? I used the same HUD to present to both, getting the firsts approval first. Bonnie.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The first would see a closing statement with 20k going to the 2nd. Meanwhile the 2nd would get a closing statement with 3k and more money going to the first.

Robert Ringer, in his book Winning Thru Intimidation, talks about this problem. He was working as a mortgage broker on a hard money loan for a development.

He had to juggle the lender bringing money to the table and what the developer would net at closing. Plus, he had to make some money for himself in the middle. What did he do?

He started out telling the lender he needed to grant a big loan and told the borrower he was getting less money. He juggled those two and ended up making some money in the middle.

Here is what you can you do to close this short sale. This 2nd mortgage negotiator is being unreasonable. Escalate the file, show them the MLS history, and remind them that they get zero in a foreclosure.

Show them the docket status for the foreclosure case. If the house is close to foreclosure, you gain more negotiating power. Another thing to do is get both of the negotiators on the phone.

Have them hash it out between each other. That worked for us on a deal before and it might work for you too.

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 jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:


Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ridgewood Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Real Estate Agent at RE/MAX Properties.

Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.

James Lockard specializes in loan modification assistance and short sales in Ridgewood New Jersey. Ridgewood Loan Modification Help, Ridgewood short sales. Ridgewood Short Sale Realtor Short Sale Realtor. Ridgewood NJ Short Sales. Ridgewood Realtor

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Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.

This information on Ridgewood Short Sale Question: I’m In A Jam With Two Mortgage Companies Fighting Over Money is provided as a courtesy to our viewers to help them make informed decisions

Comments (1)

Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

James -- great suggestion to get the two negotiators together on the phone.  Believe that Mr. Ringer's manner of handling things (in your illustration) may now be (if it wasn't then) unethical, if not illegal.

Oct 11, 2011 12:39 PM