Any luck with First Franklin?

By
Real Estate Agent with Tarbell, Realtors

I have a short sale where the 1st has approved a $10,000 (yes $10,000) payoff to a 2nd held by First Franklin.  The 2nd is $94,000 and First Franklin is denying it.  In my SS experience, 2nds try and get 5% of the balance but expect $1,000.  Franklin is being offered more than 10% but they are demanding full payoff or a 10yr interest free note from the sellers......why on earth would the sellers agree to that?  I am battling with Franklin.

Anyone had success with them or should I throw in the towel and let it go to sale?  At least I could stiff Franklin when they get zippo.

Comments (2)

Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

David the acceptance or denial of a settlement of any kind depends on the investor who holds the note.  If First Franklin is the servicer and not the note holder, their hands could be tied.  What do the sellers financials look like?  Is it a strong hardship?

Mar 18, 2009 06:03 PM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

David

The only experience I had with First Franklin turned out to be all right, especially after I was able to be on email communications with the loss mitigator, and only because they were the only lien holder.

My experience with short sales with two lenders have not been good, especially if there are two separate lenders. We go round and round...and finally, out of sheer frustration, we just walk away and find something else. If the first and second lien holders are the same, the chances get better.

 

 

Mar 18, 2009 06:13 PM