My short sale situation is this: CITI Mortgage is the 1st and GMAC is the 2nd. CITI has agreed to the short sale but has stated that the MI Company will only allow $1K paid to GMAC. GMAC on the…Continue
I have a situaiton where the first has approved the short sale and have specifiedt that they will pay the 2nd lien $3K to release. The 2nd lien is with a collection agency and they won't accept anything less than $8K.
The reason they said they won't accept anything less is because the commission being paid out is for $11K. They don't see letting the agents get paid more than they get for a their lien. I have worked this file for over 9 months and to have this be the…Continue
FYI..............just found out that two or so weeks ago, Freddie Mac decided that the seller could no longer sell their home as a short sale in the redemption period. The only way the seller could get redeem it is to pay it off.............well that will be pretty much none of the sellers selling short sales out there. If I can give one piece of advice, if you are under contract, GET THE FORECLOSURE POSTPONED!!!!