Does anyone know if it is normal that the principle lender would speak to the holder of the second prior to issuing their short sale approval with the payout demands? I don't believe they do but think it would be nice to avoid the 2nd from refusing to close the deal because he wants more money.
I had the 1st initially tell me they would do that, but then didn't take me up on it when I asked again. The 2nd is refusing to take what the 1st is offering, and I'm looking for anyone having experience dealing with SLS!
I am an investor. Spoke w/SLS re a deed in leiu. They are sending me the paperwork. Have a HELOC w/Regions. SLS informed me to negotiate w/Regions and provide them w/the payoff agreement and they would do the DIL. Would think it would be the borrower's responsibility to handle the junior leins.
On the short sales I have done the principle has always spoken to the 2nd lien to let them know what they will pay them. I have had the 2nd refuse or have made the owner sign a paper saying they will pay back the rest of the loan on a 2nd home. In each case the client went to bankruptcy to avoid having to pay the 2nd. I always have them to talk to an attorney to see what options are the best for them
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