Hey Guys Happy New Year. hope this year starts with a bang for everybody in this forum.
I need some help neg a deal with Franklin Credit.
I am currently in the process doing a short for a client here in NY.
They have 2 loans on the property 1st (Owen) ND Franklin Credit.
I offered 310K to the banks Owen offer to pay the 2nd 5K and the decline.
and counter me with 29,900K. The 1st refused and the 2nd is not interested in less that what they are asking for.
P.S: They also want the seller sign a promissory note for the remainding balance. Can someone please help me here.
Thanks.

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Comment by Tamilyn Simard on January 13, 2012 at 3:55pm

Per RESPA, the seller cannot pay cash off the HUD, they are messing with you and the seller. Perhaps they would like to do a conference call with you to the Office of the Comptroller and see how they respond to that demand. Oh even better, how about the FBI, mortgage fraud division? I do not have any contacts at Franklin Credit, but it sounds like you need to escalate this matter.

Comment by Devaykanan Rishudeo on January 12, 2012 at 8:04pm

Hi. Tamilya.. That seem like a great idea, but they want the cash to be wired 1st before they give the approval and the promissory note can get taken care of at the table. I am not so worried about the promissory note, it's just the upfront cash.

Comment by Tamilyn Simard on January 12, 2012 at 4:29pm

If the objective of the client is to save their credit, then try going back to the 2nd lender with a cash contribution at close of escrow with an additional 3-5K from your seller. If your seller does not have the funds take the promissory note and close escrow.

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