Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 14 years ago on . Most recent reply

User Stats

5
Posts
0
Votes
Chi Soul
0
Votes |
5
Posts

Is this normal for the 2nd

Chi Soul
Posted

The 2nd we just found out about after a month [owed $3,000] is asking for the original payoff amount from the 1st, and an approval letter from the 1st with the amount they'll accept. After that they state they must schedule an appointment with their attorney who will then get 7 of their 9 board members together to decide if they will take the $300 offered settlement. This will take up to a month I'm told.

Is it normal for them to ask for an approval letter from the 1st with the amount they'll accept? The only reason I ask is because I'm under the impression that when the 1st gives an approval letter they'll want to close shortly after.

Loading replies...