Can 2nd Lienholder Buy Out 1st Mortg Short?
Will the lender of a first mortgage be receptive to a short sale offer by the lender of 2nd mortgage who will then sell the property either in a double closing or on the market? The 2nd mortgage is private money. The property owner is in foreclosure. There is probably enough value in the property to cover both mortgages but the market is very, very slow and house needs some work. The 2nd holder is concerned about being foreclosed out.
Comments(0)