COUNTRYWIDE ON THE 1ST AND 2ND LOAN

I’m currently working a deal in which Countrywide is the 1st and 2nd position in terms of the loans involved.

If the loans were owned by different lenders, I would go after the 2nd position and discount the first. However, I’m not sure how to approach this negotiation.

Details

1st: 370K
2nd: 75K

Any advise on how to approach this or any other relevant insight would be greatly appreciated.

I am dealing with a similar situation with WAMU. I have gotten my acceptance letter for the 1st loan only. We are stuck in limbo right now and have been for about a month, because they wont release the second lien. SO, my advice is to be careful, and make sure that you are working both loans at once. Make sure that you are not caught in a similar situation as mine where you are waiting around for the lender to release second lien. Good luck.

Thanks for the advice. Since both loans belong to the same lender, I’m working both as if they were one.


I am dealing with a similar situation with WAMU. I have gotten my acceptance letter for the 1st loan only. We are stuck in limbo right now and have been for about a month, because they wont release the second lien. SO, my advice is to be careful, and make sure that you are working both loans at once. Make sure that you are not caught in a similar situation as mine where you are waiting around for the lender to release second lien. Good luck.

I have dealt with AMC loss mit, he informed me that he would be handling both loans. The 2nd was for 40k and he indicated that they would not go after the HO for that amount. Naturally I wanted that in writing before going forward. But the HO got cold feet.

Well, I was working both loans from the getgo for months. In the end, they only sent me an acceptance letter to the 1st. WAMU also said they would go after my client for second. I agree with previous reply…get it in writing, but from my limited experience, it seems getting anything in writing is next to impossible, at least it has been with WAMU.

I don’t know what state you operate in, but in California, lenders in the second position cannot go after borrowers if their loan was used towards the purchase of the home.

As I understand it, even if a HELOC was taken out and used towards the purchase of the home – then this is considered a purchase loan.

You are correct, getting these waivers in writting will be tough – even if the lenders do not plan on going after borrowers.


I have dealt with AMC loss mit, he informed me that he would be handling both loans. The 2nd was for 40k and he indicated that they would not go after the HO for that amount. Naturally I wanted that in writing before going forward. But the HO got cold feet.

California is another country!!!
I do ss in florida and Suntrust threateend to go after my HO, even though they already wrote it off last year. go figure.
steve