Clients Second Loan is with Banco Popular. Any feedback?


#1

Hi, Just wondering if anyone has had any luck with Banco Popular (Formerly the loan was with Cal 9 Credit Union).
Banco Popluar is the second mortgage and the balance is about $170K. Between the first and the second, the property I will be representing my clients on will be about $50k shy…assuming we receive a full price offer.

I didn’t even see any mention of this bank in the learning Center list of banks…has anyone worked wtih this company on a short sale? Willing to share the good, the bad and the ugly?

thanks


#2

When I look up Banco Popular they list their “functions” as “Administrative Collections, Loss Mitigation”. This would tell me that they either purchased this loan or they are acting as the recovery/collections dept of Cal 9 Credit Union. In the past when a loan has gone to collections it has been very difficult to negotiate a short sale and they often want a certain percentage of the loan balance and potentially ask for a personal promissory note or contribution from the seller. I do not have any personal knowledge of Banco Popular but I would be ready to negotiate and be sure to carefully read anything they send you before signing.


#3

Great feedback. Thank you so much. I will research their position on this loan.