Negotiating a Short Sale with E*Trade

[Michelle Lenahan]

Does anyone have any experience negotiating short sales with E*Trade when they hold the 2nd. We have a homeowner that is offering to allow them to attach his primary residence and continue to pay on the loan (2nd mortgage) but E*Trade is refusing to approve the short sale. I would love to forward any tips to him otherwise he is headed to foreclosure.

[James Ward]

Michelle,

We have negotiated several Shorts with E*Trade. Most of the people in E*Trade will do very little negotiating. You MUST justify the offer to show why it is a sound business decision. No real "tricks", E*Trade is like most that sit in 2nd postition.