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Old 06-06-2010, 10:23 AM
 
Location: Long Beach, CA
463 posts, read 1,144,331 times
Reputation: 127

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We have a 1st & 2nd on the property. We have a offer on the property for a short sale. the 1st is agreeing to the sale. Our realtor is negotiating with the 2nd. The 1st will only allow the 2nd 3,000. the 2nd came back and said they will only agree to it if I(borrower) agree to sign a 7,000 promissory note @ 0% over 10 yrs. We reluctently agreed to this. The next day my realtor called them to see if we had been approved and they said they want an addition 1,500 in cash. So my Realtor agreed to lower his commission by 1,500. The Realtor called them the next day to check status and now they tell them that they reviewed my bank statements again and feel that I have additional money to give them out of my pocket. Of course I do not. The money in my account is to pay my rent, etc at my new place of residence in another state. I'm not sure what kind of game this company is playing, but I reported them to the BBB this morning.

Does anyone have any suggestions? The foreclosure sale will be the 1st tues in July if the short sale does not get closed.

Thanks
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Old 06-06-2010, 03:11 PM
 
Location: Just south of Denver since 1989
10,910 posts, read 29,397,473 times
Reputation: 7136
Who is the 2nd servicer?
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Old 06-06-2010, 06:02 PM
 
Location: Austin
7,192 posts, read 17,786,550 times
Reputation: 9776
Why in the world would you agree to $7k outside of closing? You need to get them to agree to the $3k or $0 because if you foreclose, they get $0. They like to ask for money outside of closing to see what suckers will fall for it. Personally, I don't think your agent did a good job "negotiating" that one, especially when he/she was so willing to drop his/her commission.
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Old 06-06-2010, 07:41 PM
 
Location: Columbia, SC
9,083 posts, read 18,079,428 times
Reputation: 6720
It happens occasionally. Ultimately it's worth it to get the deal done. You may just have to tell them you don't have the cash, it's gone. Take it out, hold it until closing and get an updated statement. Whatever you have to do.
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Old 06-06-2010, 08:13 PM
 
Location: Palm Beach County
1,683 posts, read 3,689,148 times
Reputation: 610
See if the buyer will pay anything additional if it really comes down to it. If not just tell them no. They already got 11500 from you that's a pretty high amount depending on how much you owe.
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Old 06-06-2010, 09:14 PM
 
Location: Salem, OR
14,002 posts, read 32,908,117 times
Reputation: 12760
There is no point in reporting them to the BBB. They are taking a loss on a loan you agreed to pay back. They don't have to do it.

They are coming back because each time they did, they got more from you or your agent. That's the game they are playing...minimize their losses.
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Old 06-21-2010, 07:51 AM
 
Location: Long Beach, CA
463 posts, read 1,144,331 times
Reputation: 127
Quote:
Originally Posted by 2bindenver View Post
Who is the 2nd servicer?
SLS - Specialized Loan Servicing
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Old 06-21-2010, 07:58 AM
 
Location: Long Beach, CA
463 posts, read 1,144,331 times
Reputation: 127
Quote:
Originally Posted by Silverfall View Post
There is no point in reporting them to the BBB. They are taking a loss on a loan you agreed to pay back. They don't have to do it.

They are coming back because each time they did, they got more from you or your agent. That's the game they are playing...minimize their losses.
I didn't report them to the BBB because they won't accept, I'm doing it because of their unfair tactics and lying.
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Old 06-21-2010, 07:59 AM
 
Location: Long Beach, CA
463 posts, read 1,144,331 times
Reputation: 127
Quote:
Originally Posted by skylinet View Post
See if the buyer will pay anything additional if it really comes down to it. If not just tell them no. They already got 11500 from you that's a pretty high amount depending on how much you owe.
They don't have any more cash either.
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Old 06-21-2010, 08:04 AM
 
Location: Long Beach, CA
463 posts, read 1,144,331 times
Reputation: 127
UPDATE-

So now they are saying I need to agree to give them 3,000 cash for them to even consider it, plus the 3,000 from the 1st and the 1,500 from my Realtor. This was a "new" person my negotiator has been talking to. Funny thing this person said there is no reason to submit the 7,000 prommisory note because they really won't even consider it because it would be a unsecured note. It gets better every time we talk to them. LOL....We should hopefully know today or tomorrow if they will accept that offer. This is the last deal to be made.... as I will be tapped out. If they don't accept this one, then it will foreclose and they get a big fat "0".
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