Is This A Candidate?

FMV: $146,000

First Mortgage original balance: $65,000
First Mortgage current balance: $50,000

Second Mortgage original balance: $35,000
Second Mortgage current balance: $30,000

Second Mortgage company is foreclosing.

Thanks for you help!

Comments(3)

  • TheShortSalePro9th September, 2004

    If you are asking if this is a candidate for short sale..... I'd think probably not. There is way too much equity for the second mortgagee to agree to accept less than they are due.

    Is there any reason whatsoever that the homeowner can't sell the house at fair market value? That's what the mortgagee will ask....

  • thomp3619th September, 2004

    Hi SSpro,

    They could sell it on the open market but they feel they're running out of time and haven't really looked into that, so they are willing to talk to me.

    Do you think that the second mortagee would take a small short say, $25,000 for their $30,000? I plan on trying anyway, just wondering what your thoughts were.

    Thanks for your help!

  • TheShortSalePro9th September, 2004

    It never hurts to try... Who knows?

Add Comment

Login To Comment