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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How do you negotiate with the 3rd lender who is playing hard ball? Posted by jmac on November 07, 2009 at 1:37 PM In Reply to: How do you negotiate with the 3rd lender who is playing hard ball? posted by George in CA on November 07, 2009 at 8:18 AM : We are trying to negotiate a short sale (California property) so we can buy this house directly from the seller, 1st and 2nd loans are on board, but we ran into a problem with the THIRD LENDER, if you can believe it. : The 3rd loan was originally with WAMU ($250,000 original amount). They later sold this loan to a collection company, called GC Servicing. WAMU was actually willing to accept the settlement for about $10,000, but by the time the 1st and 2nd lenders gave their approvals, WAMU sold the loan to this collection company. Well, these guys are sharks and they want about $100,000 pay off and don't want to budge. There is no way the seller or I can pay this amount, and the 1st and 2nd lenders do not agree to such high pay off to the THIRD LENDER! : What do we do? I've heard that these collection companies are really notorious for forcing people into foreclosures and bankruptcies, and they really don't care. Any ideas on how to get them to accept a "reasonable" settlement of say 10% of the balance? Being the third lender, they are getting a hole from the donut if the property ends up in a trustee sale. We are running out of time, any advise please? Move on to another house, or wait until after the 1st or 2nd forecloses. You cant force the 3rd's hand, you can only try and show them the light, and how this is the best deal for them. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : We are trying to negotiate a short sale (California property) so we can buy this house directly from the seller, 1st and 2nd loans are on board, but we ran into a problem with the THIRD LENDER, if you can believe it. : : The 3rd loan was originally with WAMU ($250,000 original amount). They later sold this loan to a collection company, called GC Servicing. WAMU was actually willing to accept the settlement for about $10,000, but by the time the 1st and 2nd lenders gave their approvals, WAMU sold the loan to this collection company. Well, these guys are sharks and they want about $100,000 pay off and don't want to budge. There is no way the seller or I can pay this amount, and the 1st and 2nd lenders do not agree to such high pay off to the THIRD LENDER! : : What do we do? I've heard that these collection companies are really notorious for forcing people into foreclosures and bankruptcies, and they really don't care. Any ideas on how to get them to accept a "reasonable" settlement of say 10% of the balance? Being the third lender, they are getting a hole from the donut if the property ends up in a trustee sale. We are running out of time, any advise please? : Move on to another house, or wait until after the 1st or 2nd forecloses. You cant force the 3rd's hand, you can only try and show them the light, and how this is the best deal for them. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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