I need some advice on this deal. I’m ready to make an offer for a s.s. - seller cooperative of course. 1st mtg. is Chase - They were easy to contact and said they don’t give out s.s. packages anymore -all they want is a contract - pre-HUD and a hardship letter. 2nd mtg. is citibank and they will not return my calls. 49k owed on 2nd. And last but not least there is a 4k tax lien. My question is I have not been able to negotiate the 2nd. and I am not sure what to put on the pre-hud for the 1st in my offer. Do I just put 1k on the pre-hud for the 2nd mtg. and see what they accept after the 1st reviews my offer? I just want to get the ball rolling and don’t want to waste time waiting for the 2nd to get back to me or for me to get in touch with them to negotiate the 2nd. Chase (the 1st. mtg) said it will take them 3wks. to get back to me on my offer after they recieve it. Any advice would be greatly appreciated. Thanks…
Your assumption on the HUD is correct. Chase will only allow for the second mortgage to receive $1k and Citi already knows this (I am dealing with both those banks right now). Submitt a complete package (even if they don’t provide you with one) to ensure timeliness and avoid all the back and forth. Plus, providing them with the info they need helps them make the dicision to accept the offer. Remember, it’s your job to convince them that they need to take the loss.
SoCalProps - Thanks for the input. What do you consider to be a complete package other than what Chase is telling me to provide them? I have taken pictures of needed repairs which is mostly cosmetic and was planning on providing a repair summary but I’m not sure what else to include.
The first doesn’t have to offer them only 1k. They can offer them anything they would like. Convincing citi Citi to take a 99% lose will be extremely difficult. Wy wouldn’t they take their chances with auctioning the home? All they have to lose is another 1%.
They first can offer them anything they would like. 1k is not mandatory. Work the first, then work the second, then go back to the first with the negotiated second. Then you can negotiate the second down even further.