Anyone deal with EMC for S/S?

Foreclosures, Short Sales, Tax Foreclosures
1

working with a homeowner who’s in foreclosure - EMC is the lien-holder and Countrywide holds the 2nd
Thanks

2

I have not, still learning ss biz. From what I understand, countrywide having the second would generally settle for very little otherewise would not get anything if this sent to auction. Having said that, what are the numbers you are working with. Generally, the first lienholder would get paid in full, the second would take a very big discount. I think Tedjr might concur on that.
steve

3

Actually found out the 2nd is through CitiFinancial. They’ve already agreed to discount $120k down to $70k. EMC has not been receptive to the homeowner at all. They want their $143k or it goes to auction. I’m walking through the house tomorrow night and I’m going to try and get the homeowner to sell for $185k. I’ll have to work on CitiFi’s discount from there and see if I can get EMC to let me bring the mortgage current and take it over.

I still need a contact there if anyone’s got one.
Thx