I have a client who owns a property which we have been trying to sell.  We are unable to get offers that are high enough to pay off his first and second trust deed holders and selling costs.

STEPS TAKEN
I contacted escrow who prepared an exact statement as to how much this property needs to sell for in order to pay off the first and second, title and escrow fees, brokerage fees, etc.

Interestingly both the 1st and 2nd lenders have a prepayment penalty.  The 1st is with Homecomings and their prepayment penalty is $13,000; The 2nd is with Washington Mutual and their prepayment penalty is $2,000

It seems to me that a good start would be for both lenders to waive their prepayment penalties and maybe we could concentrate on selling the property for enough to pay off their loans.

STEPS TAKEN
I was on hold today with each lender for about fifteen minutes; I faxed both companies my client’s written authorization to discuss his loan with me. 

NOW WE WAIT
Now I wait for both lenders to process my client's authorization in their system (about 48 hours).