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Cal Vet refuses to contribute a penny to 2nd Lien-holder in a short sale.
I have a short sale that involves two lenders,Cal Vet and Bank of America. Both lenders were send a complete sellers short sale package.Both lenders responded within weeks. Bank of America holds the second and has approved the short sale and will sign off for $6,000.00
Cal Vet holds the first but refuses to pay any funds to Bank of America the 2nd lien holder.
While Cal Vet does respond quickly the answer is always the same. They will not pay any funds to a 2nd lien holder .
The Cal Vet does not care where the $6,000 comes from as long as they do not have to pay it or see it on the the settlement statement (HUD).
That’s were I’m stuck. The buyer is willing to pay the $6,000 to Cal Vet,yet in Calif we must show all costs of a sale on the HUD.
I’m trying to save this home and Bank of America will not release for ZERO dollars and Cal-Vet will not pay a penny to BOA.
I find it hard to believe the CAL VET has never helped a home owner in a short sale with a 2nd lien. I’m looking for some case history here. Has anyone out there had CAL VET help when 2 lender are involved??