I have a short sale case where the 2nd trust is Suntrust. The negotiator tells me that they won’t accept my offer unless I can get closer to 50% of their lien. The 1st trust is saying they will only let them have $1,000. What do I do now?
If the foreclosure happens then the 2nd will not get anything unless they plan on buying out the first. Make sure they understand that and tell them you are trying to get them some money that they are not even entitled to.
If you dont get anywhere ask to speak with a supervisor and explain to them the situation and that some money is better than none.
JD
Perhaps Suntrust believes there’s enough equity in the property to payoff the first and yield them a lot more than your $1k offer.
There is not any equity in the property at all. Suntrust tells me they will not release their lien unless they get 50% of the amount owed. It’s crazy, if they go to foreclosure they get nothing.
How much is the 2nd? Is there anyway you can pay them more (but not their 50%) outside of closing? This way, there is only the $1000 that goes to them on the HUD.
You are a RE broker? what state are these prop. in?
how much is the 1st and 2nd lien?
You send additional documents telling BOTH mortgage companies that if they don’t work together and get this short sale done, that when it goes to foreclosure it won’t sell at the auction. They’ll have to take it back. The 2nd will be SOL. And the 1st will end up probably with less if their agent can get it sold.