DO I LIST THE PAYOFF TO THE 2ND MTG ON THE NET SHEET
if my purchase price is 60k and the sht pay to the 2nd is 6k do i list the payoff on the 2nd mtg on the net hud 1 that is given to the 1st. and is the first mtg. listed on the net hud 1 to the 2nd.
can anyone explain how to do the net sheet on a 2 mtg short. 
DIETER,
ONLY GIVE THE INFO THAT THE BANK REQUEST... DON'T VOLUNTEER ANYTHING.
Hope that helps, frank
if i am offering 60k for the house. and the bank nets 59k how do i pay the 2nd the 6k they are owed.
In the long term, employing a practice of full disclosure will enable you to complete more shorts with less work.
By withholding info that will surely become known, you only place yourself in a box... and will jeopardize the deal.
I say this having been involved with hundreds upon hundreds of shorts in my capacity(s) as an speculative investor, Realtor, mortgage loan servicer's non performing asset manager, and private consultant.
While it's true that sometimes the mortgagee's due diligence falls thru the cracks.. this will be the exception to the rule. So, close the holes.
If your Proposals are properly structured, and make financial sense, you'll have a better closing rate.