“On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed.
Then, I offered the second mortgage what ended up being 12% of their loan. They are owed 76K, I offered 9600. Here is the problem. Now, they want 15K and are saying that is their final offer.
I do not think the first will allow them to receive that much. The first is HSBC. Do you have any suggestions on this one?
What would have been a better approach…offer to the 2nd on a different HUD a smaller amount to start? I used the same HUD to present to both, getting the firsts approval first. Bonnie.”
The first would see a closing statement with 20k going to the 2nd. Meanwhile the 2nd would get a closing statement with 3k and more money going to the first.
Robert Ringer, in his book Winning Thru Intimidation, talks about this problem. He was working as a mortgage broker on a hard money loan for a development.
He had to juggle the lender bringing money to the table and what the developer would net at closing. Plus, he had to make some money for himself in the middle. What did he do?
He started out telling the lender he needed to grant a big loan and told the borrower he was getting less money. He juggled those two and ended up making some money in the middle.
Here is what you can you do to close this short sale. This 2nd mortgage negotiator is being unreasonable. Escalate the file, show them the MLS history, and remind them that they get zero in a foreclosure.
Show them the docket status for the foreclosure case. If the house is close to foreclosure, you gain more negotiating power. Another thing to do is get both of the negotiators on the phone.
Have them hash it out between each other. That worked for us on a deal before and it might work for you too. Thinking about a short sale? Visit www.ShortSaleSuperMan.com for information on Chicago and Oak Park short sales.
I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
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