To Short Or Not To Short The 1st...What Would You Do?
ARV = 205K (based on sold comps)
1st = 158K
2nd = 28K
Contractor repair estimate = 23K
House is vacant, keys with me.
1st is foreclosing (wells Fargo)
I am submitting a SS package to the second (HSBC)
Is it possible that the 1st will short?? If so, how do I dictate the purchase price and payoff to the second on the Hud if I do not even know if the second will approve the number I sent to them.
Any input is greatly appreciated.
Zo
The second is a HELOC .
The as is FMV = 182k It could be less considering the way the market has turned...
Thanks for the response.