Does anyone have experience with a short sale where California Bank and Trust holds the second?

Submitted by Bill Arant from CA - 05/10/2010 - 4:27pm

California Bank and Trust told me that they will be asking for 50% of the $50,000heloc loan balance (cash out) in my short sale transaction. Wells Fargo has the first at $300,000.

Obviously this is a negotiation and California Bank and Trust is starting high -

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Comments

Submitted by Michelle - 05/11/2010 - 10:39am

It all depends on the details of the transaction. It does sound like they are starting a little high. Without knowing the details of the transaction just make sure you paint a picture that shows the short sale as the best possible solution. The hardship letter, valuation information and even a foreclosure comp report from ForeclosureRadar will help you demonstrate what is truly happening in that market.

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