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How To Deal With 2nd Mort. In A Short Sale?

brandon_lee44 profile photo
  • Thursday, October 23, 2003 @ 12:36 PM EDT
  • 2 Comments
Im working on my first deal. The seller just wants out. She has a 97K first and a 24K second. I have already sent paperwork to the fist lender. What should I do in dealing with the second lender? What bargaining chips do I have, and when is a good time to start talking with them? :-S
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  • TheShortSalePro
    TheShortSalePro23rd October, 2003
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    Generally speaking, when there is both a first and second mortgage, the first is unlikely to budge while the second is expected to absorb the bulk of the hit.

    Your efforts should be concentrated on the second mortgagee, unless, of course, the first is an FHA insured loan. Then, your strategy must be altered slightly.

    You didn't indicate the property's as-is, fair market value.

  • brandon_lee44
    brandon_lee4423rd October, 2003
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    The comps that I ran are at about 135K - 145K .
    So Should I approach the 2nd lender much the same way as the first?

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