Mike Rigley Certified Default Advocate,
Distressed Property Expert and your short sale specialist here thank you for
joining us. Today let’s talk about our recent successful short sale involving
US Bank and GMAC.
Here was a case of never
say die and never give up. This homeowner had a GMAC first for $400,000 and a
US Bank HELOC second for $90,000. As you know, if the property is foreclosed on
the HELOC is not wiped out like the first mortgage and the second still owes
the lender the full amount of the HELOC. This is important because unlike a
traditional second trust deed, the HELOC lender is not afraid of the property
being foreclosed on – they retain the right to collect the debt.
With that said we knew
we had to find a way to make this work for all parties. As was the case GMAC
offered US Bank approximately 8% or $7200 to settle the debt. US Bank started
out wanting 20% or $18,000 to settle. Through our back and forth negotiations US
Bank finally agreed to accept $9000 to settle. Great news except GMAC was still
only willing to offer US Bank $7200.
We escalated the file to
US Bank Sr. Management and they held firm at the $9,000. We went back to GMAC
and they were firm at $7,200. With what looked like an impossible impasse we
escalated the file once again to US Bank. After more than a week of follow up
US Bank came back with its final offer - $9,000. Oh man it would appear we were
dead in the water and our deal was finished except - we don’t give up.
We simultaneously
escalated the files to GMAC and US Bank. GMAC came back with the offer to
approve $9,000 to US Bank to settle the second! That was music to our ears.
We are now in process of
closing this file and helping yet another homeowner avoid foreclosure and get a financially
fresh start – life is good!
Is a West Sacramento Short Sale Right for Me?
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for
a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
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