This was a case where
the seller was transferred from West Sacramento to the East Coast. No
relocation assistance was available from their employer and their house was
seriously underwater. They had a Wells
Fargo first and an American Credit Union HELOC second. Now this
is important because we all know in a foreclosure the HELOC second is not wiped
out and stays with the homeowner. What we also know from experience is that
Credit Unions are notoriously tough on getting short sales approved. Being member based and
having taken no bail out money, as a group they are generally tough
negotiators.
This was certainly the
case on this file. Wells
Fargo had no issue approving the short sale and offered the
second 6% to settle. That was all and good except the second would not settle
for 6%. The Credit Union second denied our request and closed the file. ARGHHH.
Ok so if at first you
don’t succeed try, try again as they say. Never quit and never say die… We
repackaged the short sale submission, had a new hardship
letter drafted and supplied additional financial documentation. We negotiated
with the buyer to bring in addition funds to close and got Wells
Fargo to agree to allow the buyer to contribute to the second
in an effort to get them to approve the short sale. Lots of moving parts to say the least.
Because we were
persistent and looked for alternative ways to get the deal done, we are going
to avoid yet another family from going into foreclosure and allow them a
financially fresh start. You can’t ask for much more than that. All’s well that
ends well
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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