Modular
Has anyone ever heard of a lender accepting a short on a modular home? Not a mobile home, a 2 story modular. Lender is countrywide, whom i have heard are hard to deal with anyway. Any insight would be appreciated.
What, specifically, has been the difficulty with this?
Is there a problem with title?
I would bet that they are bluffing and would not actually redeem. What does the 1st allow the 2nd to get? Usually the first will set a limit as to what the 2nd can get in their terms of accepting a short. If you have the deed, create a lein (3rd) and wait for your redemption as 3rd to see if the second is bluffing.
I am new at this but did you get a limit on what the max amount is that the second can collect by the first? I would think that would help in convincing the second to accept your offer.... as long as the max isnt too much over $7,500.... Either they accept or they get nothing.... I think they are bluffing but a max amount would speed up things.
If you can find info on the foreclosed loan (Google, county records, etc.) you could find what they foreclosed it for. But generally they try to get as much as they can the first few weeks, then gradually lower their expectations to what the market will bear.
Thank you.