Shall I Just Let It Go?
I have been working on a S with Countrywide (CW) and offered $184K. The two loans were $180K and $42K. My net sheet showed $4000 for HELOC. Home appraised at $235K. The rep said they want full payoff and after discussing realized that there was a HELOC. This HELOC was transferred to AIG United Guaranty. I send another ss package to AIG and they want 50% of payoff (about $23K)! By now the first payoff is $191K.
Whats a reasonable amt to pay second, considering it appraised at $235K and first is owed $191K?
If the second lender does not get paid enough at auction can they go after the seller for the balance of loan amount?
I am working with country wide right now on a short and they only allow the second to get 1000.00. Im not sure if its different in every case or not.