Wow, Never Had To Do This For A 2nd Ss!-Input?
Just spoke with theHousehold rep that has our ss pkg and file. I was told that the acct. needed to be current or at least 1 missed paymt. sent in before the ss could be processed. In addition to the paymt, I needed to give them the following items that we usually only give to the 1st: signed purchase agrmt., net sheet, and the payoff demand from the1st. We have done 2nds with Household before and have not had all the above requirements. We have always been operating out of the idea that we deal with each lien holder separately to avoid the 1st and 2nd fighting over who gets what.
Jan 8th is the hearing date to set the auction...the sale will be mid-Feb. Any comments on how to handle the 2nd? Should we just let the auction date get closer so they will deal and not be concerned about what the 1st is getting? Their comment is that if the ss isn't started with a paymt from the homeowner..they will foreclose themselves but to me, the first has beat them to the punch and they know that.
Any advice is appreciated. Thanks!!!
Hi Blamcat,
I havent had the opportunity to work with Household, but 2nd's usually require much less as you say. I recently had a deal with Bank One that they tried to put on their "Tough-Guy" appearance and stated that they were going to bid at the sale instead of entertaining my SS. The interesting thing is that they took my short sale instead!I've had others that told me that and did exactly what they said they were going to do.
If you haven't got a discount from the first "In Writing", then I would simply try to resubmit a new HUD-1 and show the 2nd MY calculated payoff for the first including all fees, etc. Make sure to raise the HUD by putting in your prorated and arrear RE taxes as well. See if the HUD will be sufficient for them without an actual payoff letter. If not, call the attorney instead and get a full payoff statement that way.
I have never heard of the SS being "started" with a payment from the homeowner, that is truly a new one!
The other option is to go around the Rep, to their supervisor and reexplain the situation and why your SS would be in the best interest of the bank. This is a strange one, keep us informed on how this proceeds!
Best of Success!
BAMZ
I've had a couple of transactions with Household. They try to bluff without much success. If it goes to sale they (in my experience) dont show for the auction.
I would never advance money until there's a written agreement. I'm sure this payment would be money down a rat hole. Wait a little longer and try again.
Parenthetically, their legal fees are among of the highest I've seen.[ Edited by sammyvegas on Date 12/10/2003 ]
Sammyvegas,
As an investor, how do you find out what the legal fees are that the lender will have to pay? Knowing their costs could give you tremendous leverage.
Thanks in advance,
Bginvestor
Just thought I'd update everyone on this. I am still waiting to hear from the 1st so I decided to let the 2nd "wait it out". The closer we get to auction, the more likely they are to deal...that's where we will hop in again!
Just thought I'd let you know, the 2nd is still telling me I need to send in a paymt to initiate a short sale or a settlement. By the way, the 2nd and the 1st are with Household but are in different names due to a death. Has anyone else had to deal with the "make a paymt" line? At first, the rep told me the account had to be brought current(?!!?)then she back down and said 1 paymt would do it again...Amazing. Any advice?
I will try to reach a supervisor tomorrow. They have been harassing the homeowner for a paymt, too. The auction date is set for 2/25...now the pressure is on.[ Edited by blamcat on Date 01/13/2004 ]
Well this is how Household must do initial business. I had the same response recently then I found the right department. the number is 8003953489 My reps ext is 47316. Nice guy. You get the wrong info if you dont go thru the right dept.