should i deal with a local branch?
am working with citifinancial (dift from citifinancial mortgage) which is in 2nd place on a short sale i am trying to do. am dealing with the local branch. they say they will only take half of balance on 2nd -- 9K. home is worth just a bit more than what is owed to first. they say half of balance is the best they can do otherwise it will go to "legal" who will not do short sales. is this true or are they giving me a line? i did tell them i know they will get nothing at the sale, but so far they dont seem willing to really negotiate. should i just let it go to "legal" or try to work with the branch??
Sewa:
Why would you assume that the 2nd would get nothing at the foreclosure sale? This would only happen if the 2nd slept on their rights and did not bid at the court house. The 2nd could very well bid more than the amount owed to the 1st up and up to the amount they are owed to protect their interest.
Why would the 2nd do this if they are owed $20K above what the property is worth? Seems that the 1st won't even get what they are due, much less the 2nd. Am I missing something?