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First loan approved for short sale, second loan(secured) not negotiating. What to do?

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detazye

Junior Member
What is the name of your state (only U.S. law)? Georgia

I have a loan on a home for $450,000 in Georgia. The second loan is for close to $200,000 (2 banks). The first loan has been approved by BOA for short sale, the second loan however was with a bank that has 'failed' and was acquired by the FDIC that then was sold to 3rd party. This 3rd party is asking for $30K cash, and $70k notes payable over 7 years. They have a lien against my only business asset & are claiming if the house goes into foreclosure they can/will come after me for repayment of the remaining 2nd loan. I need to know how to get them to lower the second loan amount, or what my options are as I can't afford another 70k for 7 years! Please help & advise.
 


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nextwife

Senior Member
Did you pull money out of the house for your business? What has changed in YOUR INCOME since the loan was done (not what has changed in the house value) that impacts the income you have available to pay on the note to the Jr lienholder?

If the Jr Lienholder is agreeing to accept fifty cents on the dollar AND allow their note to be mostly paid AFTER release, how is it they are "not negotiating"?
 
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HomeGuru

Senior Member
detazye said:
What is the name of your state (only U.S. law)? Georgia

I have a loan on a home for $450,000 in Georgia. The second loan is for close to $200,000 (2 banks). The first loan has been approved by BOA for short sale, the second loan however was with a bank that has 'failed' and was acquired by the FDIC that then was sold to 3rd party. This 3rd party is asking for $30K cash, and $70k notes payable over 7 years. They have a lien against my only business asset & are claiming if the house goes into foreclosure they can/will come after me for repayment of the remaining 2nd loan. I need to know how to get them to lower the second loan amount, or what my options are as I can't afford another 70k for 7 years! Please help & advise.
Click to expand...
**A: there is no requirement that the lender for the second mortgage make a deal with you.
 
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