From my "Lucy" (my agent) to "Mark" (guy at the mortgage company):
I have been on the phone with the second for the past 30 minutes. It is not great news. I shared with them the amount the first is willing to contribute to the second. They will not settle for less than 10% of their loan which is an amount of $2416. The first has agreed to pay $1503 which leaves a difference of $913. The second is willing to blow up the entire transaction for $900. I’m asking for your help in coming up with a solution to the problem. Will the first agree to the $2416 as a contribution to the second?
The investor may allow other contributions to the 2nd lien. The investor usually allows either the buyer or agents or both but not the seller to contribute. Please fax over an updated Hud-1 showing who is paying what to the 2nd lien. I will submit this for review.
So, this leads to a bit of a dilemma. Obviously, I won't be paying any money in to get rid of my house, so it's up to everyone else to hold a bake sale to get the cash.
From "Todd" (buyer's agent) to "Willie" (buyer):
We have run into a $900 snag with the 2nd mortgage investor. Take a look at this and let me know what you would like to do. If you want, I can throw something into the hat, I don't know what the listing agent will do.
Thanks for the update. This is interesting news so late in the game, but not surprising.
We cannot and will not spend any more than what we offered. We are not able to bring any more money to this transaction. And, even though you are being so kind as to offer to contribute, we will not allow that to happen, either. You have already done more than enough for us and it is not your responsibility or financial obligation to make this sale complete. That is ridiculous.
Why was this not communicated earlier? It is really unfair that we passed the inspection deadline, etc. If we had known that this was in the works, we would have stopped this before now and saved all of us a lot of time.
Anyway, the bottom line is this: Susie and I do not have any more funds to give to this sale and we refuse to allow you to contribute either. We won't accept it.
The deal is off.
Thank you, again.
My agent's response to the buyer's agent (upon his forwarding of his client's response):
I appreciate their sentiment. I was just told this news when I sent you the email. The second has been hard to deal with and uncooperative, the first is standing their ground as well. These things happen in short sales and none of us have any control over them occurring or when they occur. I will send these messages back to the first and the second but I do not believe either of them will relinquish their position which means we are finished. I will let you know what I hear if anything from the first or the second.
It is AMAZING to me that I let a whole of bunch of stuff stress me out that isn't even relevant at this point. So, until I am in my new place, I am not going to worry about anything related to this stupid condo anymore.