Short Sale
if there is a first loan of 420,000 and there is a 2nd for 65,000 and the property is only worth 480,000 can i ask both the 1st and 2nd for a short pay off and will the ist agree knowing ther is a 2nd loan balance and can wipe out 2nd please give me adevice many thanks
You need the BPO to come in saying max 420k in order to short the 2nd if you want to wipe out the 2nd. You will have to pay the 2nd something though. The 1st may or may not allow the 2nd to recieve anything. Then you have to get a little more creative. If it comes in lower than 420k, then you can short the 1st, maybe.
Really need more info, but do not see any deal here at all.