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I'm in a Jam With Two Mortgage Companies Fighting Over Money

Tuesday, October 11, 2011   /   by Lynn Horner Baker

I'm in a Jam With Two Mortgage Companies Fighting Over Money

North Metro Atlanta – recently received a question from another agent named Bonnie. Here was her question.

“On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed.

Then, I offered the second mortgage what ended up being 12% of their loan. They are owed 76K, I offered 9600. Here is the problem. Now, they want 15K and are saying that is their final offer.

I do not think the first will allow them to receive that much. The first is HSBC. Do you have any suggestions on this one?

What would have been a better approach...offer to the 2nd on a different HUD a smaller amount to start? I used the same HUD to present to both, getting the firsts approval first. Bonnie.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The first would see a closing statement with 3k going to the 2nd. Meanwhile the 2nd would get a closing statement with 20k and more money going to the first.

Robert Ringer, in his book Winning Thru Intimidation, talks about this problem. He was working as a mortgage broker on a hard money loan for a development.

He had to juggle the lender bringing money to the table and what the developer would net at closing. Plus, he had to make some money for himself in the middle. What did he do?

He started out telling the lender he needed to grant a big loan and told the borrower he was getting less money. He juggled those two and ended up making some money in the middle.

Here is what you can you do to close this short sale. This 2nd mortgage negotiator is being unreasonable. Escalate the file, show them the MLS history, and remind them that they get zero in a foreclosure.

Show them the docket status for the foreclosure case. If the house is close to foreclosure, you gain more negotiating power. Another thing to do is get both of the negotiators on the phone.

Have them hash it out between each other. That worked for us on a deal before and it might work for you too. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our North Metro Atlanta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Lynn Horner Baker.

Lynn is a Real Estate Agent and owner of Horner Baker Partners. North Metro Atlanta Short Sales Realtor:

Phone: 770 579-4060. Lynn@HornerBakerPartners.com.

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