Need help "yesterday" on negotiating with a company that says they purchased the Taylor Bean Whitaker 2nd on a home that we are trying to close. Original note was for 25,500, and they will not take less, right now, than 12,900.  Cannot get them to even look at less.  Have never had this happen before and I have closed more than 50 SSales!  Any advise? 

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I had a 2nd loan servicer tell me they got as much as 50% on theirs, and that they would rather go into foreclosure than take less than what they wanted. I do not know if their investor had insurance they were hedging against, but my SS was finally submitted for review (still in the waiting period right now) after I could tell them the buyer could not cover the gap, neither could the seller, and the agents were not even put into the picture--I just made it "clear" that the first was the only contributor. I also made it "clear" that my state is a non-recourse state on orginal purchase money home loans. Also, the first came up a little more (but higher than they said they'd ever contributed to a 2nd's payoff). That's when we finally got someplace.
What does recourse state mean, and what state are you in? That would help along with your other great comments. Thanks, SHeri
California is a "non-recourse" state on purchase money loans, meaning it won't allow the lender any recourse against the borrower on a loan deficiency where it was an owner occupied property and an original loan that was not re-fied.
THank you so much. This is an investment property in MO., so I could not have used that anyway. As dumb as these guys are, maybe I could bluff!
Good luck!!
I am having a problem with a second mortgagee SLS. Believe it or not my client only owes $3500, now with late fee's and junk fee's $4200. GMAC the first mortgage only approved $392. now SLS says they want $2500 before they will even submit it for review. I just emailed GMAC.

I had a HEATED discussion with a supervisor at SLS. In short give us what we want or let GMAC foreclose.

We are suppose to close at the end of Aug. Any advise? Experience??? Hope?? We are in California

Janice Wheeler


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.

Dear Ed,

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. 

Good luck

Janice Wheeler

Realtor 916-849-1059

Lic. 01162965


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