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


#1

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 -


#2

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.