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We would like to talk about second liens today. In the last few classes we have had tons of questions concerning dealing with second liens. We teach a quite complicated approach concerning multiple HUDs in our short sale Crush It package. However, i’m not going to go into that progression.
We identify that the second lien holder always needs more. Here is the very first thing you should do. Set them up to expect very little. Put a few hundred dollars on the HUD or just a few percent of their loan. Then go to the primary lender and inform them that the second is looking for 20% of their loan remainder. The plan is easy. The second lien holder continually wants more.
Once in a while we get approvals without having to dispatch numerous HUDs. But, that only occurs when it is the lenders’ own portfolio. So, the first word of advice is to merely lower the expectations.
The second thing to keep in mind is that you have to remove yourself from thinking about how much the second lien holder is owed. That is exactly what the second lien holder wants you to contemplate. Realize that you will hear some extremely direct negotiation strategy from second lien holders. Nonetheless, this is not about you. They just want the money and you have to uncover a way to make that work. If you have not perfected it yet, check out our video coaching series. We go into a very detailed plan on how we handle first lender versus second bank.
We will close it up with this reminder. The second lender has no negotiating position. There is a little strategy with this process, but know that they have no negotiating position. If the house goes to foreclosure, the second lien holder gets Nil!
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