Three short sale liens? No problem! This home at 1616 Myrtlewood Dr., Parkwood Estates, Bluewater Bay in Niceville Florida was just approved as a short sale and is getting ready to close. Here are the details:
Lien #1 (Also called “Senior Lien”): Green Tree
Lien #1 Balance: $300,000 appr.
Lien #2: Green Tree
Lien #2 Balance: $60,000 appr.
Lien #3 (Another “Junior Lien”): Key Bank
Lien #3 Balance: $30,000 appr.
There were a few challenges with this Parkwood Estates short sale listing. First, Green Tree does not process multiple liens on one property together. This is unlike Bank of America. We had to deal with two different negotiators at Green Tree, and the seller had to provide separate forms and financials for each lien. That meant we had to do twice the amount of paperwork. Second, Green Tree can be less than business-like in their collections department, and that is where you apparently start with many Green Tree short sales.
The Green Tree junior lien representative from the collections department asked me: “Doesn’t the seller understand he signed a note stating he would make payments on the property?” That left me aghast. I could only say, “Ma’am, this is a short sale situation with a hardship and the seller is unable to pay.” She already knew that, of course. She also said this would be “very difficult” unless he made a payment. Oh boy. She then insisted on “mailing” me a package for the seller to fill out, not emailing or faxing. When I asked why she couldn’t fax it, she stuttered, “The fax machine is messed up.” Right! I could “hear” her grin on the other end of the phone.
Key Bank was a bit slow processing the short sale. They eventually requested a promissory note from the seller, but then agreed to simply release their lien. The seller preferred to work with them separately after closing.
This property at 1616 Myrtlewood Drive, Parkwood Estates, Bluewater Bay, Niceville Florida should be closing soon.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]
SHOULD YOU SHORT SALE OR STAY CALCULATOR
Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.