We are in the process of negotiating a short sale for our home in Southern California. The primary mortgage Select Portfolio Servicing has been easy to work with. Unfortunately, Litton sold the second to RTR for pennies on the dollar. In order for the short sale to be approved, RTR has requested $14,000 up front. SPS and the realtors involved have agreed to pay this demand, so we will have no out of pocket expenses.
I'm concerned with the language in the demand letter and have consulted an attorney. However, I'd like another opinion on it to be sure that there is no hoodwinks...we do not need to have them change the deal or come back for more. The main statement in the letter looks like this:
Quote:
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Your offer of $14,000.00 in the form of a Cashier's Check/Title Company Check will be accepted to release the lien and the debt associated with the above referenced loan. However, Real Time Resolutions, Inc. reserves the right to amend or rescind this offer upon review of the final settlement statement or HUD sent to us within 48 hours of closing. Moreover, Real Time Resolutions, Inc. reserves the right to pursue loan contract or tort claims associated the origination or purchase of the above referenced loan or property or with the settlement, such as fraud, negligence, perjury or any other claims. the funds must be received in this office within 30 days from the date of this letter.
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As far as this short sale goes, RTR knows very well how much money they can ask for. Most primary lenders offer $1000-$3000 towards the second, in lieu of nothing for a foreclosure. They however, will go up to 10 percent in some cases.
Thanks in advance for your feedback.
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