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I have a unique situation...

I had an 80/20 loan in CA, total ~$310,000. The first was ~$250,000 and the second was ~$60,000. Both were used to buy the home to begin with, and it qualifies as my principle residence.

After a nightmare year of the banks not communicating with each other, losing 5 buyers, and endless back and forth, we finally got both banks to approve a short sale at $169,000, but the second only would approve it after a promissory note for $6,000 IN ADDITION to the $3,000 they were getting from the closing. The sale and closing then went by with NO promissory note. The transaction is complete, and there is a new owner living in the house. Now, they (the second leinholder) are screaming about how they don't have a note and will come after our kneecaps if they don't get one. Now, don't get me wrong, I enjoy my kneecaps. But, do they have any recourse now that the whole thing is complete? The Short Sale Approval letter does say there WILL be a promissory note, but since they let it close without one, did they effectively forefeit their $6,000? Does their complete ineptitude prevent them from doing anything but whining in hopes that I suddenly take pity on their poor bailed-out selves and send them $6,000 out of the goodness of my heart?

raymond · Posted: Sun Nov 15, 2009 9:19 am Post subject:

>>do they have any recourse now that the whole thing is complete?

Yes. Their approval letter said the promissory note was required, but you didn't abide by the terms of the letter. It's your responsibility to ensure the terms are satisified, and you owe them $6,000.00

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Promissory note, second leinholder, help!