Handling 2 Lenders in a Short Sale Part 1

Do you have a short sale going on right now, and there are two lenders involved? Well, if you do, and you have been trying to make it work, this might be very interesting to you…….

Let me start off by saying that my preferred short sale listing only involves one bank.

This particular listing had a first and a second equity line of credit. The second was really dragging their feet. The balance was almost 40K, and they wanted 30K. The first was only willing to give 1K. Going back and forth, I was finally able to get the second a whopping $6500!! The first wanted to close by the end of the month, but the second hadn’t even approved the $6500. I was literally pulling my hair out calling and trying to sweet talk the female loss mitigator into granting an extension. She kept on saying, “The investors need to close by the end of this month, or the file will be closed.” I would fax, I would call, but nothing swayed her in my favor.

More tomorrow

-Elaine Boxterman