Posted by Greg FL on September 04, 2004 at 12:18:09:
Mark,
Who is foreclosing, the 1st or the 2nd?
PS- The bank almost always wants FMV when you first contact them. Your job, Mr. Phelps, is to “convince” them to take less…
Greg
need help with short sale - Posted by Mark
Posted by Mark on September 03, 2004 at 11:38:36:
I am in the middle of negotiating with countrywide on a short sale. They are the 2nd mortgage. They had the property appraised and it came back at 76500. My original offer was for 52500 net. 1000 to the 2nd and 51500 to the 1st. They’re telling me that I need to raise my offer to FMV (76500) and they will take the proceeds from the sale. They are owed 16500 and the first is owed 71500. I told them I would give them 5000 now, but she said to resubmit my offer showing the first getting paid in full. Essentially, it seems, they’re willing to take a payoff, but only if the offer is at a FMV. What can I do??? Please help.
Thnaks,
Mark