I have a short sale listing where the 1st is Wells Fargo and the 2nd is USAA. Wells Fargo has already approved the deal, USAA says they wont take less than 50% of the unpaid balance which comes out to $45,000! USAA says because the loan was already charged off they need that much to release the lien. I have spoken with the negotiator several times and her supervisor as well. My Broker even contacted USAA with no luck.


Does anyone have any ideas or experienced something similar?

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wow, that is horrible.  My folks had usaa as their 2nd and they continued making payments on it (it was more of a debt consolidation...they hadn't done any improvements to the home after taking out almost $60,000 of the then equity. 


This is my first post on this site...Here is the deal with USAA I have a deal where they are the 2nd and they WILL NOT take any less then 50% ....so the sellers consented to a motion for final Judgement and we PUSHED the forclosure forward FASTER and JUST before the sale date which is September 12 2011 we have entered into an agreement with the FIRST lien holder to "sell" the property to the buyer as soon as the certificate of title is issued...the very next day. So we will NOT have to deal with USAA at all..they get nothing..and the seller had already filed for a BK..in fact they wanted to know if the seller was willing to affirm the "debt"...that was NOT gonna happen. So this way USAA gets nothing, seller doesn't owe anything, buyer gets the house and the first who was so nice to deal with doesn't have to market and hold the house for long..Crazy deal but it works.

Great strategy Kathy - I am in a similar situation with USAA however I don't think my client is going to file BK.  I may see if I can use this strategy as a bluff wiith USAA.  Maybe if they get smacked enough times they will start coming to the table with a resonable settlement.  Did they disclose any terms for the 'debt' affirmation?  Thanks for your help.


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