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DVM
62 Posts |
 Posted - 05/13/2008 : 4:03:05 PM
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I posted a thread awhile back ago and now need some more advice.
Im doing a short sale in CA for a family Member.Although I do have experience in short sales and I know how to deal with banks we have run into a big snag.We have a approval from the first lien holder and qualified buyer ready to sign.I have been dealing with the second lien holder for awhile now.Well actually their lawer!
They have filed a suit for breach of promissory note and seek to collect the full amount of the second plus fees etc..
I dont feel very comfortable talking to the 2nds lawer as Im not qualified in these legal matters.Obviously the lawer is looking to settle this but they want the full amount or my client to sign a promissory note for the remaining balance then they will release the second lien.
There is not much left over after the first takes everything and my client does not have the means to pay on the second after the coe.
I have now offered them 4k to settle but havent heard back from the lawer.The bank refuses to talk and uses their lawer to go back and fourth.My client has no money to hire a lawyer and if they dont take the 4k it could can this whole deal.We are also under the gun as the buyers wont wait much longer.
So my question is has anyone else dealt with a second lien holder hiring an attorney to deal with this and filing a suit all thw while you trying to close this deal and make the second happy?
Any advice |
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kevinloans
447 Posts |
Posted - 05/13/2008 : 5:31:33 PM
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| how do you find short sales before everyone else gets to them is my question |
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ppulatie
2238 Posts |
Posted - 05/13/2008 : 6:16:43 PM
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quote:
Originally posted by kevinloans
how do you find short sales before everyone else gets to them is my question
I find them from my super long list of people in foreclosure. |
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cbathan
457 Posts |
Posted - 05/13/2008 : 7:29:02 PM
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I do short sales (Its all I do LOL) and at times I run into the same issue, they want a promissary note signed for the Balance (B of A is famous for this) I pose a few questions to them.
1. If they cannot afford to pay now what makes you think they will be able to pay it later?
and my second one is sure they can sign it then they can file BK and have it discharged in the BK.
they usually drop it after that.
My question to you is what this a cash out second or purchase monies, makes a difference,
you can call me in the office tomorrow if you would like additional help.
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DVM
62 Posts |
Posted - 05/13/2008 : 8:31:27 PM
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No cash out.Just a purchase second.80/20 split
This one is very difficult as I have never dealt with a lawyer before.The first lien holder was very text book but went well as I had everything for them well in advance. |
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rtrefflich
2655 Posts |
Posted - 05/13/2008 : 11:13:46 PM
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You go to the county court house and look at the NOD's that have just been recorded, then you go along with thousand of other people and tell them why they should work with you instead of someone else.
I actually bought property one time this way before the boom and realized it wasn't for me when I was talking to my client at 12:45 AM and some people were knocking on his door in South Central LA the day before the trustees sale to see if they could buy him out. If people are that desperate to find clients/homes I don't even want to deal with it.
quote:
Originally posted by kevinloans
how do you find short sales before everyone else gets to them is my question
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