Short Sale - 2nd Mortgage Foreclosing Before 1st Mortgage Holder
1st Short Sale in the works- 2nd Mortgage company that is foreclosing has already accepted a $30000 Discount i.e. 74 k to 44k - i am still in process of speaking with the 1st mortgage as they will not accept negotiations over the telephone- Question- when writting the purchase agreement with the second morgage they insist on using the total sales price 164k ( the 1st morgage 120k plus the 2nd mortage44k) will this commit me to paying them 164k even if i am in the process of negotaition with the is t mortgage for a discount?
Also- when we close who am i going to pay the $$- say the second morgage short sale is approved before the 1st or should i ask them to have the same closing date - please note the 2nd foreclosure date is 1.5 months before the 1st morgage holder foreclsure date?
Please advice.
Sorry, don't have an answer, but I do have a question. How did you go to the banks to get the info. Does the seller know? Can you do this without the seller's knowledge? What's in it for the seller?
Thanks in advance
NJH
I have already approached the seller and had them sign a std purchase agreement and recvd a authorization to release information signed by the seller.