Short Sale Specialist Network
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Tips on negotiating for a private party 2nd or lien w/ Wells Fargo 1st
Hello all: Wondering if you all could find some time to post tips, suggestions or examples of things that worked for you in past situations...
Here's my scenario right now:
I have a s/s listing with a Wells Fargo 1st & a private party lender 2nd ($60k). I negotiated a $3000 payoff with the 2nd. Then submitted an estimated HUD to Wells Fargo showing $3000 to the 2nd. 2 days ago, we received short sale approval from Wells Fargo, but they don't want to pay anything to the 2nd because it was a "private 2nd/lien". The 2nd - of course - doesn't want to budge.
Any tips, suggestions or examples of things that worked for you in past situations similar to this? Thanks in advance
Tags: 1st, 2nd, Fargo, Tips, Wells, a, for, lien, negotiating, on, More…
Replies to This Discussion
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Permalink Reply by Joseph C. Alfe on -
If the 2nd lien is not on title then they have no claim to the property and you do no have to negotiate with them. They may want the $3000 to settle with the seller, but that is a private matter and has nothing to do with the short sale. If the lien is on title, then WF has to accept it.
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Permalink Reply by Marilee Cruz on -
Ok thanks for the help, Joseph. The lien is on title; was recorded at the COE in 2005 @ the time of original purchase. I received a copy of the deed from title... Additional info: the $60K was a private lien from a sister-in-law.
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Permalink Reply by Terry L. Osburn, SFR on
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I would think this would be classified differently since it is a personal loan, not an institutional loan......
My understanding that if any liens against the title are personal loans which this sounds like it is that WF does not have to work with his sister to release the lien.
Could be wrong...interesting to see what you find out.
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