US Bank Short Sale Success in West Sacramento

US Bank is notorious as tough negotiators. We recently received approval on a Short Sale where Bank of America was the servicer on a Freddie Mac backed first lien and US Bank held the second lien. The second was in excess of $100,000 and was considered re-course debt meaning the sellers had not only refinanced, they had also taken cash out when they refinanced. What makes this important is that, should the property be foreclosed on, the second would not have been wiped out and the seller would still be responsible for the $100,000 debt. REAL important in this case to not allow the property to be foreclosed on.

    

Anyway, back to the story. Freddie Mac guidelines are pretty clear. They will give the second no more than 6% of the unpaid balance. US bank was demanding 10% - in this case a $4,600 difference. We went back to the first to try to get more and where denied as we knew we would be. We went to US Bank a number of times in an effort to get their demand down to the $6,000 the first was allowing. Now anyone who has followed our West Sacramento Short Sale Agent blog for any length of time knows we don’t stop at the first, second or even third “NO”.As is our practice, we continued to escalate the file higher and higher in the US Bank management hierarchy until we finally received notice that US Bank was going to accept what the first was giving them.

We were able to get this homeowner out from over $500,000 in debt with no responsibility for the unpaid balance, no tax liability and all at no cost to the seller – all because we don’t take no for an answer.

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. Call me today and sleep better tonight; you’ll be glad you did