Beneficial HSBC 2nd Mortgage Short Sale?
How is Beneficial HSBC to deal with on a 2nd mortgage short sale?
I am trying to sell a Nazareth area ranch on 1.3 acres with an FHA first mortgage with a payoff with fees of around $135,000 (principal $125,000).
The second mortgage has a balance of about $42,000 through Beneficial.
I have been getting offers of around $170,000. The house has a new septic, driveway, roof etc (it could go FHA). It needs minor cosmetics and is a great deal for the right person.
I am worried the BPO might come in too high.
How much of a loss will a 2nd mortgage holder typically take?
I have never done a short sale. Any help would be appreciated.
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