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May 25, 2012, 07:48:13 AM

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Real Estate Investing Forums  |  Real Estate Investing  |  Foreclosures, Short Sales, Tax Foreclosures, Tax Liens Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Getting 1st Mortgage Holder to accept 2nd Short Sale Amount « previous next »
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Author Topic: Getting 1st Mortgage Holder to accept 2nd Short Sale Amount  (Read 891 times)
noela1
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« on: January 17, 2005, 02:26:17 PM »

We are in the final stages of completing a short sale agreement. First Lien Holder has approved the short sale and closing is scheduled for Jan 31st. As a part of the short sale agreement they are requiring that the second lien holder receive only $2,000 and want to see a short sale letter from the second to that effect.

I have a loan sale agreement with the Second lien holder - who has been very hard to deal with - but at an amount that is significantly more than the $2k the first is willing to accept.

Possible solutions (none of which seem totally workable):
• I've contacted the second and offered to make a payment of the agreed upon loan sale agreement less the $2k owed the first. They don't want to do this unless our attorney works out something with their legal department. I don't see how that can happen.
• Buy the note from the second ahead of time, file our interest as new note holder in the County Clerk's office before closing. Then tell first that we own the note, and that we will accept the $2k as new 2nd lienholder.

We have spent a ton of time and energy to put this deal together and I don't want to see it lost on a technicality. Any other solutions out there?? Thanks!!
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Real Estate Investing Forums  |  Real Estate Investing  |  Foreclosures, Short Sales, Tax Foreclosures, Tax Liens Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Getting 1st Mortgage Holder to accept 2nd Short Sale Amount « previous next »
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