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Seriously, what is up with these 2nd lien holders???

By
Real Estate Agent with Jane Monge, Blackstone Realty

I have mainly been dealing with short sales lately.  For the most part, they are, YES,  a little time consuming and NOT ALWAYS SO FUN dealing with those banks that are suppose to be out there helping since they got all the help from the government but aren't always so helpful.  However, the 1st lien holders obviously have more to lose than the 2nd lien holder as far as dollar amounts, but it's the 2nd lien holders that are asking incredibly outrageous amounts on such low dollar loans.  They expect almost a total return when we ALL know they just don't count in a foreclosure, so why make the short sale so difficult.  I can see them asking for a bit more since there are quite a few more houses going into either short sale status or foreclosures.  BUT, are you kidding me.....Not ONE but TWO in a row, the 2nd lien holder says, "We want X amount and if the seller can't pay it, then YOU should pay from YOUR commission."  Ok correct me if I'm wrong but I thought I was doing a service/job (let's let all the houses go into foreclosure and 2nd lien holders will all be wiped out) and why would I pay on a mortgage that had NOTHING to do with me.  The last 2nd lien holder I spoke with said, "everyone's losing money and the only place left to take from is the commission."  AGAIN, correct me if I'm wrong, aren't we already taking a reduction in commission when the listing agreement is at 6% and the lien holder reduces it to 5%???  SOOOOOOO, what the heck did the bail out do if lien holders are telling REALTORS to chip in to pay off mortgages.  Perhaps the 2nd lien holders would like to pay MY mortgage?