I agree,, it's not going to happened. the second trust will rather go to foreclose on the properties if they only going to get $3000. it happened to me. unless if the buyer offer the second trust more money than what's first trust has to offer. that's why most short sale is hard to buy.. wait until go to foreclosure is better, but then you have to be prepared to bit on the price. very tuff market.

Countrywide is being folded into Bank of America this month - things there are crazy, for both companies. They've both had a moritorium on foreclosures since November and are not working back through all the loans in default to see if a mod under HASP will save the deal. I don't know if they are approving short sales at all right now.

A lot of it depends on the strength and negotiating skills of the Realtor negotiating your short sale. CW is tough to deal with...if your hardship package makes since, it may take a few months to negotiate, but it will likely happen. Wachovia is great to deal with. If all of the money from the second was used to purchase your home, you'll have a good shot at cussess. Good luck.

I was representing the buyers on one where Countrywide had the first and was offering $3,000 to Wachovia for their second and third! Both agents agreed to cut their commissions to give more to Wachovia but they still were never able to agree! My experience working with that particular listing company and title company were truly a nightmare. It is very likely in this circumstance that the whole reason the short sale didn't go through was b/c the folks "negotiating" the short sale didn't send some critical paperwork or didn't respond to some critical request. At any rate, my buyers still loved the property and ended up buying it as a bank-owned property!

It is going to depend on how they view the owners financial circumstances. Right now I have a 2nd with SunTrust at 94K and they want at least 10% of the amount owed either through the 1st trust or a note from the owner. So we are still negotating. Of course reminding them that 3K is better than zero which is what they get if Countrywide forecloses. Good luck!