Short Sale Beneficial Mortgage; They Retain Note?
Hello!
I am a brand new investor realizing that patience must be key in getting started 
I have been working on purchasing a Duplex. The owner has a first mortgage of 65k and a second for 20k (opened at 10,500). The property is worth about 65-70k. I contacted Beneficial Mortgage to see if they would accept a short sale on the second mortgage. They said they commonly do not do that and will release the lien but will not release the note for the property. The homeowner must agree to repay the loan on her own even after the property is sold. Has anyone heard about this before??? How can I go about convincing the lender that she will simply plead bankruptcy or let it go to auction???
Thanks in advance!
How can I go about convincing the lender that ..."
You devise and present a compelling, fact driven Proposal... in support of the request/application for short sale consideration
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