The Escalation Process
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It depends on several items, such as lien position, LTV, and lender type, but having a strong list of repair bids, comps, and attending the BPO are all items that will help in the negotiations with the loss mitigator. If they are junior liens I would keep negotiations to a minimum. Like, if second lender is owed $42k I would start my offer at $500.
I have a property with one junior lien and they refuse to budge on their total amount due. Are there any best practices you can share on negotiating junior liens especially with a starting offer of $500?