UPDATE - Am I handling this deal right?
The seller's 1st is about to go into foreclosure. The 2nd is paid current. We are going to attempt to short sale the 2nd.
Can anyone tell me--I've heard conflicting reports--if the 1st is about to be foreclosed on, is the 2nd more motivated to short sale because they will lose everything if the home is foreclosed on? Or are they apt to file their own foreclosure? I don't think they even know the 1st is so far in arrears. Would they even have time to do anything about it?
The 1st mortgage is a VA loan and they told him "if VA has to pay a claim to your loan holder, you may be legally liable to reimbuse the Government for the amount we pay. Does anyone know anything about this? If we get the bank to agree to waive a deficiency judgement, would this still be an issue?
We're going to be moving forward with this, and if anyone can give me some answers to my questions as we go, it'd be greatly appreciated. 
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