I have a loan for $275,000.00 with a second for $30,000.00. Short Sale pending, owner of 2nd will not comply and wants 80% of $$$. What now?

Asked by Richard W. Mello, Red Bluff, CA Mon Jan 2, 2012

I asked the bank ro refi from intereste only to fixed, without changing the balance even though the property has decreased in value. Due to closing of business in that region (Red Bluff, CA), and their unwillingness to work with me, I stopped making payments and tried to do a short sale. Now the investor on the 2nd will accomodate for the interested buyer. I offered $5,000.00 to close the deal, but they refused and want 80%. Am I covered by California Law passed SB 458. What is the next suggested plan of action? Deed in Lieu of Forcloser? If so, what bearing does that have on my credit? .

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John Dietel, Agent, Hutchinson, MN
Tue Jan 3, 2012
Your listing broker/agent should be able to help you with this, or consult a local real estate attorney.

Deed in Lieu is generally for those with just one mortgage.
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