Shorting A First And A Second???
When you are working a short sale with a first and a second, upon submitting your request for a short to the first do you include the amount the second is settling for as part of your request . Would it be incuded on the HUD statement. As an example:
First $100,000
Second $50,000.
If the second agrees to $5,000, you let the first know you you wish to propose an offer of $80,000 which includes the $5000.
You should make full disclosure early on to both the first and second mortgagees since they'll see it on the HUD1 anyway.