Comments on: Short Sale Fraud: Extra Cash to 2nd Lienholders http://gettingshortsalesapproved.com/2010/01/19/short-sale-fraud-extra-cash-to-2nd-lienholders/ Let's Share Resources and Ideas to Get our Short Sales Approved Sun, 08 Aug 2010 01:23:13 -0800 http://wordpress.org/?v=2.9.2 hourly 1 By: Karen Eldred http://gettingshortsalesapproved.com/2010/01/19/short-sale-fraud-extra-cash-to-2nd-lienholders/comment-page-1/#comment-74 Karen Eldred Sun, 08 Aug 2010 01:13:47 +0000 http://gettingshortsalesapproved.housingstorm.com/?p=13#comment-74 No, I never ask the second to pound the sand. That would not get us anywhere. I've never looked at it as extortion either. The second can ask for whatever they want. If they can get it that's great and it's a real win situation. I'd rather give them what they want and have them release the lien than have them not and have everyone lose. No, I never ask the second to pound the sand. That would not get us anywhere.
I’ve never looked at it as extortion either.
The second can ask for whatever they want.
If they can get it that’s great and it’s a real win situation.
I’d rather give them what they want and have them release the lien than have them not and have everyone lose.

]]> By: Greg Fielding http://gettingshortsalesapproved.com/2010/01/19/short-sale-fraud-extra-cash-to-2nd-lienholders/comment-page-1/#comment-3 Greg Fielding Tue, 19 Jan 2010 20:45:24 +0000 http://gettingshortsalesapproved.housingstorm.com/?p=13#comment-3 Karen, have you had issues where the first lender won't approve it? And, even if that strategy works to get the deal done, it's still extortion by the 2nd lender (and illegal on their part)...have you ever tried telling them to pound sand? Karen, have you had issues where the first lender won’t approve it?

And, even if that strategy works to get the deal done, it’s still extortion by the 2nd lender (and illegal on their part)…have you ever tried telling them to pound sand?

]]> By: Karen Eldred http://gettingshortsalesapproved.com/2010/01/19/short-sale-fraud-extra-cash-to-2nd-lienholders/comment-page-1/#comment-2 Karen Eldred Tue, 19 Jan 2010 20:38:28 +0000 http://gettingshortsalesapproved.housingstorm.com/?p=13#comment-2 As an investor, when we do a double closing, if the spread is large enough, we put the additional funds to the 2nd lienholder on the buyers (my) side of the HUD. The 1st lienholder sees it and all is well. It cuts into our profit margin and we are not greedy. We would rather pay what we can to the 2nd and take less than see the homeowner go to foreclosure. In a traditional sale this becomes more difficult. What we've done is tell the 1st lender that the buyer is willing to pay the extra amount to the 2nd but they have to lower the offer. It's still better than the lender having to take the house into the REO department. If anyone has any questions on this, I can explain better in "person" Karen As an investor, when we do a double closing, if the spread is large enough, we put the additional funds to the 2nd lienholder on the buyers (my) side of the HUD.

The 1st lienholder sees it and all is well.

It cuts into our profit margin and we are not greedy.

We would rather pay what we can to the 2nd and take less than see the homeowner go to foreclosure.

In a traditional sale this becomes more difficult.

What we’ve done is tell the 1st lender that the buyer is willing to pay the extra amount to the 2nd but they have to lower the offer. It’s still better than the lender having to take the house into the REO department.

If anyone has any questions on this, I can explain better in “person”
Karen

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