How did this one end up? I'm dealing with SLS for the 3rd time and first is Fannie Mae loan and they will not allow more than $6000 or 8% and they will not allow Buyer or Agent contribution. SLS is demanding $26k after originally demanding $100k.
I appealed to the president of the company in a letter. It took a lot of digging to find out who he was. But then I wrote a nice professional letter explaining that it was not in his companies best interest to foreclose for such small amount. In my deal it ended up we where $109 apart. And the first mortgage wouldn't allow any one else to pay it.
SLS knows perfectly well they will only be allowed 10% of the ACTUAL balance (not including fee's). In some states they can force the seller or buyer to higher amount. But not here in California.