Confused???
I just met with a homeowner who is in foreclosure and just wants to get out and move on. He has a first at 117,000 and a second at 25,000 with about 6000 of back payments due. I want to short the second mortgage but after reading some of these posts I am confused. Do I have to short both mortgages? Or do I just try the second. The house is in good shape and is not distressed. There is just no equity he owes what the property is worth.
Also I have heard that the second is a little more informal with SS. If this is true do I just call them up and make an offer or submit a formal package?
Check your private message inbox
Without a complete understanding of your deal's unique circumstances, it's difficult to offer suggestions on how to proceed.
Generally, in a short sale situation, the second mortgagee takes the hit. The Seller/mortggaor makes his application to the mortgagee for short sale consideration, and You would prepare a compelling Proposal in support of the Seller's application.
The more compelling and factual the Proposal, the more likely the short sale will be approved.[ Edited by TheShortSalePro on Date 12/15/2003 ]