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Michael Gaddis recently obtained short sale approval for a home located in Menifee, CA. The home, a rental, had 2 loans attached to it. The first lien holder was Bank of America while the second lien holder was Green Tree. Since the second lien holder was a recourse lien the homeowners were desparate to settle this lien through short sale rather than letting the house go into foreclosure. As one might expect, due to recent laws like California SB 458, investors possessing recourse second liens have become difficult to deal with. SB 458 is an anti-deficiency law that states that investors agreeing to a short sale must consider the debt settled and cannot pursue a deficiency. Second lien holders have become more difficult due to this law and, in some cases, are becomming huge obstacles to a homeowner’s overall chance of obtaining a short sale. In this case, Green Tree obtained the second lien from Bank of America during the short sale process. This transfer delayed the negotiations. Green Tree is notorious for being a hard nosed negotiator and this case proved no different. Thankfully, Michael Gaddis is very experienced at dealing with this exact situation and, in the end, he was able to negotiate a settlement that all parties involved were happy with.

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