Basic Short Sale Question(s)
Situation: there is a first and second mortgage on a property that is in default (not yet in foreclosure). So far I have learned (in another post) that: - I should try and short sale the 2nd mortgage. - I will likely need to wait until the 1st goes into foreclosure before the 2nd lien holder will want to negotiate. the questions are: 1. if I am successful in neogotiating with the 2nd lien holder, can I also work on the 1st lien holder to get an additional reduction or will it just have to be paid off to stop the foreclosure process? 2. if I am successful in neogotiating with the 2nd lien holder (pay him off), can I pay the back pmts owed on the 1st to get it current and then buy the property subject to the existing first? I am probably missing something .. just trying to be creative! Thx. Molotov :-S
Comments(0)
Congratulations!
You figured this out yourself. And you came to the right conclusions.
Two things to consider:: First, before you spin your wheels, get the deed.
Next, the 1st mtg may or may not negotiate a reduction It depends on how much of an equity cushion they have and whether they need an other foreclosure in their portfolio.