Dealing With Second Lien Holders In A Short Sale
December 9, 2010 / /
http://kevinandfred.com/power-hour/tricks/
Kevin and Fred discuss how to deal with second lien holders during the short sale process
HOW TO CLOSE AT LEAST 3 DEALS IN THE NEXT 90 DAYS
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HOW TO CLOSE AT LEAST 3 DEALS IN YOUR NEXT 90 DAYS
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
I have come across a 2nd lien holder that will not release the lien without $XX… which in my experience has been $18k-$35k required at closing. If seller doesn’t have it, buyer won’t pay it, what do YOU do when they refuse to come off the higher number and state they will let it go to foreclosure, even after escalating to a few supervisors?
Kristi,
“after escalating to a few supervisors” is not enough. Your rage an all out war!!!! You talk to every AVP, VP, and SVP. You call the President’s office. You demand to talk to the one making this horrible decision!
Go get ’em!!!
Fred
Guys,
Great content today!!!! I love the part around the second has no bargianing power. I could not agree more that we as empowered agents need to make sure the second understands that they are NOT driving the bus.
You guys rock….have a short sale with a 1st and 2nd (non-HELOC) with BofA (former Countrywide loans) – been trying to get it sold since Feb 2009 and on 4th buyer now. 6 months ago, BofA shifts servicing of the 2nd to Real Time Resolutions. Got waived deficiency approval on first and 2nd from BofA, and then BofA rep realized (thanks to my agent reminding her) RTR was in the picture. Now trying to deal with RTR and they are non-responsive and really suck. Any advice besides crush them?
IMO, my agent is too nice and shouldn’t reminded BofA about RTR. My plan is to keep shoving the BofA approval in RTR’s face since it still is a BofA loan and the investors already gave it a thumbs up. Seems like it is just a money grab on RTR’s part. Thanks!