Seller Held Second Mortgage HELP!
I purchased some properties from a investor/friend of my husband. After reviewing the HUD, I realized that the properties had seller held second mortgages. Does this mean that if I sell the property that the person I purchased it from will make a profit too? I was told by the closing lawyer that the seller held second was supposed to be forgiven. I have no proof that it has and I am about to do a short sale.
Cool! Thx SSPro! So is there any way to get the lender(s) to bend towards the "payment in full" mindset, (such as showing the insolvency of the borrower or some other "hardship"
, or does is it simply handled on a case by case basis?[ Edited by blowboater37 on Date 11/07/2005 ]
"Preforeclosure Short Sales from Blueprint to Closing"
Is that book found on this website. Could you provide a link to more information on how we can purchase these books.
Some lenders will pull it from sale the day of sale if they think they have a sure thing and a way to earn more money than the foreclosure. Talk to lender with a signed authorization from buyers. Offersellers to buy it based on contingency that lender will do the sale. Nothing illegal there. Might work. Take accepted offer to lender.
Thanks fellas,
it would be great if the lost mitt would extend or pull it from the final sale. thank you for your advice, usually theres enough time but in this case theres not and its a relief knowing they do extend timelines if its in thier best interest