All Forum Posts by: B. P.

Thank you - Everyone - for your posts, opinions and education! To clarify ... or to try to clarify ... our friends purchased and lived in their 'retirement home' (in FL) in 2006. Then Eldercare forced a relocation in late 2007. Both 1st (approx. $200K) and 2nd (approx. $55K) were to purchase the home. They became reluctant investors thinking to rent it out was the most logical choice since selling would be difficult due to the economy. As time went on, savings were depleted to support eldercare. According to my friend, she and her husband DID call the 1st (GMAC) - five times in two years - to try and get a loan modification, refinance or some sort of change ... ending where they are now, confused, concerned about their future and in the short sale. Again, thank you.

Has anyone worked a "Split Approval"? I am researching details for friends going thru the Short Sale process in Florida. Forgive me as some of the terms are unfamiliar to me. The 1st (GMAC) has agreed to give a portion of Sale funds to 2nd (Bank of America / Green Tree). The 2nd wants more than the 1st is offering & telling my friends to come up with more money _and_ to wire it OUTside of Closing as a "Principle Reduction" (?) _before_ 2nd will provide an "Approval Letter". This sounds illegal (at worst) but questionable (at best) as the money isn't going thru Closing. Another person suggested 'extortion' (which seems quite strong) ... deal is, these folks could really use some sound advice as they do NOT have the money to spare in a questionable transaction and I have no experience in this area. Thanks for your understanding and prompt replies.