Zenith Acquisition corp
Date: Fri, 12/05/2008 - 14:40
I am handling a short sale for a client. Zenith represent a water filter company who has a lien on the real estate property scheduled sale. A payoff agreement was offered from Zenith last Tuesday nite 11/25/08 after weeks of waiting;the eve before Thansgiving with an expiration for that Sunday 11/30/08. An extension was requested that same Tuesday nite since most Attorneys and Banks where either closed or on abreiaviate schedules for this holiday.
As of today 12/5/08 at 5:30 pm we still can not receive an extension for this acceppted payoff agreement. As of yesterday, the 1st lien holder has forclosed on the property. No one gets paid anything unless the sale goes thru. The urgency of this matter has been voiced to this firm and the collection Mgr John Cicero to no avail.
What to do in this matter?
As of today 12/5/08 at 5:30 pm we still can not receive an extension for this acceppted payoff agreement. As of yesterday, the 1st lien holder has forclosed on the property. No one gets paid anything unless the sale goes thru. The urgency of this matter has been voiced to this firm and the collection Mgr John Cicero to no avail.
What to do in this matter?
Zenith is screwing themself out of any money because the 1st lie
Zenith is screwing themself out of any money because the 1st lienholder has first shot at all money and then the second lien holder (if there is one) gets what ever is left over. Since it is a short sale there is not enough money to pay the 1st note.
Tell them to give you the extension or they are out the money.
