Still waiting for 2nd mortgage lender to agree to short sale...and we HAVE A BUYER patiently waiting. They

Asked by Pamela Whittemore, Michigan Wed May 21, 2008

put an offer on our house after only 2 wks on the market! That was back in February! We even offered the lender a PROMISORY note for the difference we owe them ...and still we all wait for an answer. My realtor said this particular lender is swamped but found out we actually have our file 'assigned' to a real live worker. Meanwhile, we remain separated from daddy/husband since last August and I've had to go on high blood pressure medicine and our 2 young children miss their dad. I guess there is nothing anyone can tell but to HANG IN THERE but I'm just wondering why it would take so long when what we are offering is a win-win for everyone...the lender gets their money (most of it right away..the rest on a promisory note) the patient buyer gets our home and we get to move on with our lives and reunite with daddy/husband. AND we're practically giving our charming house away....on almost 10 wooded acres and only 9 yrs old! The appraised value fell $80,000 in just 2 yrs!

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Keith Sorem, Agent, Glendale, CA
Wed May 21, 2008
One issue may be that the holder of the second has a Purchase Money Insurance on your loan, so they actually will make more if they foreclose. Are you working with a Realtor experienced in short sales? You might pass on this suggestion. If they can find out who the PMI carrier is, the PMI carrier would rather the holder of the second settle than pay a large claim.
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Jim Johnson, , 78233
Wed May 21, 2008
Hmm, a promissory note is unusual. The reason it takes so long is that the lender is shopping for the best offer. Since part of the advantage of a short-sale is that the deficiency is forgiven, I'm not sure that your lender really knows what to make of your offer of a promissory note. It would also be an unsecured debt that offers them no real security, so I doubt that it means as much to them as it does to you. Unfortunately, waiting is all you can do.
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