Short Sale Problems
I have submitted a short sale letter to Homegold. I have been talking with the collections manager regarding this issue. He continues to tell me that his boss has the file and will be deciding on the amount offered. Again it has been since 5/14/03 I submitted. I also submitted SS offer to 2nd lein holder. They accepted and are about to withdraw their approval of the SS. What should I do. Again, the first lien holder will not respond. I have tried contacted someone over the collections manager's head, but continue to run into red tape...I am stuck
Hi Ventura,
One thing you might consider is to follow up with the 1st on a daily basis that they want to make a decision either way so that you stop anoying them . . . do you know what I mean. Avery good, yet passive way to do this is to send them a daily fax with a question or comment. The other alternative that has worked well is to fax them your finaal proposal with a deadline. At the deadline tell them that your offer expires.
As for the 2nd, I would call the loss mitigation rep and tell them that you had a slight problem with the closing/title work/ etc, and request a short extension. They will have to get it approved (and will want it as short as possible), but it may work for you.
Also, if you got the 2nd to steeply discount their position, why note just pay the first the full amount? If the numbers work, go for it!
Best of Success!
BAMZ