Trying to Settle 2nd with SLS

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
They want $17K from me on a balance of $200K as part of a SS. Is this a good deal?

"
Specialized Loan Servicing LLC (“SLS”) has been authorized by the Investor to accept a “short sale” in connection with the above referenced property, release the lien secured by its Deed of Trust or Mortgage, and release you from liability under your promissory note, contingent on the fulfillment of the conditions listed below:

  1. Return of signed acknowledgement of the approval letter by fax at closing

  2. Receipt of the final Settlement Statement by fax at closing

  3. Receipt of Minimum Net Proceeds in the amount and timeframe specified in this agreement

  4. Receipt of additional agreed upon funds if applicable
The minimum net proceeds approved of $6000.00 (US) must be received in our office before the close of business on 09/30/17.

Due Date of Payment Payment Amount

09/30/17 $6000.00

In addition to the Minimum Net Proceeds, SLS must receive $16540.27 in certified funds from a source designated by you prior to the closing. If any of the above requested documents and information, as well as all requested proceeds are not received in our office by the date given, this approval will be null and void and you will need to contact our office for updated approval.
 

bigfrog

LoanSafe Member
Aug 31, 2011
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Not enough information to determine if it is good or not. But just judging from the ratio 17/200 is 8.5% it is a bit high on the average for SS. If you do some research, you'll see that SLS and investors will agree with 8% without any questions on all SS.

Strange how short-sales come in a time like this, when house prices are at their peak in the bubble. In that case, it would be really strange for them to offer anything low like 8%, since they will be able to sell high, no long underwater. Humm, in case of a short sale, and they were able to sell higher than the agreed values, who gets the difference?
 

Preparingfordefault

LoanSafe Member
Apr 17, 2011
293
7
18
8.5% is a great deal to settle your second to get this behind you. Take it and run if it's a true settlement. I don't understand why they are calling it a short sale to yourself?? Makes no sense. Short sale may have worse impact on credit report. Who is the investor on the loan?
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
It's a short sale cause this is the second loan and both the first and the second are under water and this is the agreement as part of the short sale. The first is with bayview and the second is with SLS
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
It's a short sale cause this is the second loan and both the first and the second are under water and this is the agreement as part of the short sale. The first is with bayview and the second is with SLS
It says exactly as I cut and pasted into a few posts above and later on it says "PLEASE NOTE - As a result of this Short Sale Offer, debt under your Mortgage Note may have or has been forgiven and there may be tax consequences to you. Please consult your tax advisor.
"
 

Preparingfordefault

LoanSafe Member
Apr 17, 2011
293
7
18
Are you sure it doesn't say 'short payoff'?
It's a short sale cause this is the second loan and both the first and the second are under water and this is the agreement as part of the short sale. The first is with bayview and the second is with SLS
It is still not a short sale. It's a 'short payoff' or 'settlement in full' or for the lucky few a 'paid in full'. Look through every settlement on this website, they do not call it a short sale, ... they used the wrong term. Tell them it's not a short sale. Short sale is worse. Just trying to help.
 

Preparingfordefault

LoanSafe Member
Apr 17, 2011
293
7
18
It says exactly as I cut and pasted into a few posts above and later on it says "PLEASE NOTE - As a result of this Short Sale Offer, debt under your Mortgage Note may have or has been forgiven and there may be tax consequences to you. Please consult your tax advisor.
"
I am emailing you privately
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
It is still not a short sale. It's a 'short payoff' or 'settlement in full' or for the lucky few a 'paid in full'. Look through every settlement on this website, they do not call it a short sale, ... they used the wrong term. Tell them it's not a short sale. Short sale is worse. Just trying to help.
Well I think they stated it that way cause it's part of a short sale of the first and that's why they stated they'll accept the $6000 from the first?
 

Preparingfordefault

LoanSafe Member
Apr 17, 2011
293
7
18
Well I think they stated it that way cause it's part of a short sale of the first and that's why they stated they'll accept the $6000 from the first?
Apparently I can't start a private convo with you, I guess based on your settings. No, it has nothing to do with the first. Are you current on your first? Trust me, they used the wrong term.
 

Preparingfordefault

LoanSafe Member
Apr 17, 2011
293
7
18
Well that explains the disconnect. I thought you were settling a mortgage and planning to stay in the home. I have no experience with short sales or settling.
 

bigfrog

LoanSafe Member
Aug 31, 2011
336
37
28
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SLS/investors accepts 8k minimum for all ShortSales. Talk to them about ShortSales. If the first accepts the short-sale, what is there the 2nd has to say? The first would tell the 2nd.. to shutup and take what you can. They did enough of these to figured that if you default on the first, they would eventual get nothing, so why go through the hassle.. their end result would be around 8k, so why not take it first?

Again, I don't see anywhere that house values are under water. If there isn't a large equity there is equal or small equity.

As for me, I really don't care what the market says. As financial advisor would say.. "Buy a house if it makes sense!! If renting is more or equal to buying, then buy." This one of the reason, I don't give a dam if they foreclose on me. As of right now, there are over 10 properties for rent, whole house - same size - same neighborhood, for less than $800 than what I am paying to the first and tax-insurance. Dam the houses are well kept compared to mind. Lawn service is included on the rental. I was so tempted to just walk down the block and sign the lease. Only if SLS/Investors would foreclose, I would save $800 a month and living in a better house down the block... celebration!!!

Better than going through the short-sale blackhole.. Do the hard work to get screw. they'll screw up the paperwork and do the whole foreclosure anyway.
 

bigfrog

LoanSafe Member
Aug 31, 2011
336
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Its almost a month since the cheezy offer. Any of you chickened out and took the offer? Just wonder why its all silent with SLS and the lender. I would imagine with the prices, they would go full speed with foreclosures before its too late. Bunch of people predict it would take another 2years before burst would take place. But, it is hard to say.
 

Rillion

LoanSafe Member
Mar 21, 2012
72
7
8
Well, I'm in escrow on selling my place and the buyer has removed all contingencies. So fingers crossed it looks like the saga of my condo is quickly coming to a close. While at the time many people didn't seem to think the 40% offer from SLS was worth taking, I'm glad I did. That company was/is a pain to deal with and few seem to have gotten any better settlements than what I got (in fact the offers seem to be getting worse, not better). All said and done, I am grateful for this site and everyone's advise and support. I will soon hopefully have an extra$50k in my pocket than if I had continued to pay on that 2nd with SLS. Also in May 2018, I'll be able to qualify for a conventional mortgage again. This time I'm going with a 30-year fixed and a good sized downpayment. Not going to sign up for the stress of this again. LOL!
 

Wisconsin guy

LoanSafe Member
Dec 3, 2009
115
11
18
Great White North
Well, I'm in escrow on selling my place and the buyer has removed all contingencies. So fingers crossed it looks like the saga of my condo is quickly coming to a close. While at the time many people didn't seem to think the 40% offer from SLS was worth taking, I'm glad I did. That company was/is a pain to deal with and few seem to have gotten any better settlements than what I got (in fact the offers seem to be getting worse, not better). All said and done, I am grateful for this site and everyone's advise and support. I will soon hopefully have an extra$50k in my pocket than if I had continued to pay on that 2nd with SLS. Also in May 2018, I'll be able to qualify for a conventional mortgage again. This time I'm going with a 30-year fixed and a good sized downpayment. Not going to sign up for the stress of this again. LOL!
Very cool Rillion, thanks for the insight and posts, good luck!
 

bigfrog

LoanSafe Member
Aug 31, 2011
336
37
28
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haha.. good luck.. is the 50k including your 30k? didn't seem to be a killing like some people who let go and bought 2012s.. they are getting a whopping 200k..