This is Frustrating! I have a 1st with GMAC and a 2nd with US Bank. GMAC is willing to give US Bank $6,000. US Bank has declined this short sale twice due to the sellers ability to pay the 2nd (substantial income), without a counter offer! GMAC has approved the short sale twice. The seller has now moved out of the property. I can't figure US Bank out, there's no way they have enough equity to get more through foreclosure. Any suggestions??
Did you ever get this resolved? I am in this situation right now. US bank wants 13K The first will only allow (fannie) $6000.00 Help!!!!
Easy. See if the 1st will allow additional funds from the buyer to US Bank. If so, just have the buyer contribute. If not, see if they need the buyer side HUD. If not, you can have the buyer contribute on the buyer side. If they want both sides of the HUD and the 1st will not allow the buyer to contribute, then you can see if you can do a double wire to the second or have the seller sign a promissory note for the difference to the 2nd.
Hi Rob, look into Ch 13 bankruptcy to strip the 2nd lien completely. Also is the 2nd current? What is the payoff for the 1st and what is the property worth?
Sorry didn't realize this post was so old. Maybe it can help someone in the future.