I have been trying to negotiate a shortsale and the second mortgage’s “loan servicing” company wants 1% of whatever the money to the first mortgage company will be. So basically they want about $5-6k and I’m wondering if there is anyway to find out who the actual lender is so I can negotiate directly with the lender and not the loan servicing company because the first mortgage company says they will only allow $1000 to be paid to the second mortgage company no matter what. Any ideas?
Unless it was a hard money second, the servicing company is the entity you must deal with. The true beneficiary of the second is likely a Wall Street trust passing through to a mortgage backed instrument. They do not get involved with loan level transactions. The servicer has guidelines they must adhere to but is likely their decision as to what is acceptable.
If the first is willing to do a short sale then there must not be any equity for the 2nd. Go back and hammer them, stress that the first will allow only 1K. If they won’t budge move on.
You can also see if the second would be willing to “detach” the note from the house, and attach the whole amt to the HO. I am doing a ss right now using that same technique. The second went from 52K to 10K note to the HO. That way they are still better off than getting totally wiped out. Yes, they still risk the HO not paying, but it’s their last shot at trying not to lose everything…they can garnish wages, etc…
The best bet is to see if county where house resides is online at netronline.com…If not go to courthouse. Original lien has to of been filed and so should of an assignment. Unless they try to pull a number like they have on me. Servicer would never tell me my reinstatement amount. So I demanded to know who my lender was. As they are just a servicer and a homeowner has a right whether wall st owns it or not to know who owns note. I’m currently in a battle my self because of such a situation.
They tried to file for foreclosure on me last year after never giving me my reinstatement figure. In doing my dd to verify who owns I got told no one knows. Still doesn’t know. Needless to say has put me in a bad situation. So bad my attorney was to file an adversary and never did. But they tried to cover it up. Filed a sucessor trustee deal with county. However, their documents show assignment is blank. Try to find an attorney to handle this one? Yeah right! I’d do research for a while for someone if someone could help me figure out the mess they’ve made. And I’m someone who did recovery for Chase and Citi and all my skills still don’t help me!