Does anyone have a contact for Litton, I have an approval but the 2nd lien holder wants additional funds. Since I submitted the requestto Litton they are saying it may now take months for a response?? This home is in BK and to avoid losing the deal I need a contact to call??
help help.....Thanks SP
I understand your suggestion, no offense taken.
I have numbers and I talk to Litton often, I just need someone that will do something. I am getting the standard run around.
We have a good track record on our short sale approvals, but this one may not work out. The buyer is getting ready to move on and the discharge is only weeks away.
HSBC is the 2nd lien holder and they are not willing to see the writing on the wall.
The number I have is 1-800-247-9727.... ext: 4634
We were at the closing table about a year ago where the first lien holder was also the second lien holder and towards the end of transaction they sold the second lien to Litton and we did not have approval from Litton in order to close, I called Litton at the above number talked to a manger/negotiator and got approval next day and were able to close on sale...
TAHS, SFR, R.E. Consultant/Realtor
I have done a lot with Litton in the past.
It was my understanding that all their first leins were purchased by Ocwen and all Litton has are second. From your note though it looks like you are depending upon Litton contacting your second. If it were me I would contact the second lein holder HSBC directly and secure a release from them. The second will usually take 6-10% of the seond lein value. Yu did not say what your second was but if Litton is talking to the second for you then they are probably offering the second a 1000 rather than a 6-10%.
if my assumptions are correct contact the second directly and send them your package directly. It may be too late if your Buyer wants to walk as if His offer did not include that 6-10% margin He will have to raise His offer to cover that charge.
I try to look at it this way. If the first can foreclose and find them selves in an equity situation then why bother with a SS. Sio if the home is worth 250,000 and there is a first for 200,000 and a seoncd for 50,000 then I foreclose and sell for 2350000 to 240000. Below market for a buyer and I the note holder at worst case recoup my intial investment or maybe 20,000.00
Hope that helps