Sorry, I didn't mean to offend--I'm brand new!
1. How do you stop a 2nd mortgagor who is current on his 2nd from continuing to write checks on his line of credit (on 2nd) if he is 2 or 3 pmts behind on the 1st?
2. Do you handle a short sale differently if the 2nd mortgagee is owned by the 1st (Chase--1st, owns Bank One--2nd)?
Sorry, I didn't mean to offend--I'm brand new!
1. How do you stop a 2nd mortgagor who is current on his 2nd from continuing to write checks on his line of credit (on 2nd) if he is 2 or 3 pmts behind on the 1st?
2. Do you handle a short sale differently if the 2nd mortgagee is owned by the 1st (Chase--1st, owns Bank One--2nd)?
The mortgagee would have to rescind the LOC or the mortgagor would have to run out of checks...
Both loans might be owned by Chase, but it's more likely that Chase has been retained as loan servicer for other investors who own one or both loans.
I'd start by prequalifying the situation for short sale feasibility. If it looks promising, then have the Borrower request a short sale application from the second mortgagee.
If a preforeclosure short sale makes sense... it makes sense no matter who owns the loan(s).
I am a loan originator in the Metro NY area and would like to attend one of your short sale seminars, can you direct me to your website or let me know where I can find a schedule of your upcoming events. Also, have you attended the "Dwan Bent-Twyford" seminar.
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Where are you located? I'll be doing about a dozen or so this year.
Indiana. Are you willing to answer questions on short sales now?
that's what this forum is about....
Sorry, I didn't mean to offend--I'm brand new!
1. How do you stop a 2nd mortgagor who is current on his 2nd from continuing to write checks on his line of credit (on 2nd) if he is 2 or 3 pmts behind on the 1st?
2. Do you handle a short sale differently if the 2nd mortgagee is owned by the 1st (Chase--1st, owns Bank One--2nd)?
Sorry, I didn't mean to offend--I'm brand new!
1. How do you stop a 2nd mortgagor who is current on his 2nd from continuing to write checks on his line of credit (on 2nd) if he is 2 or 3 pmts behind on the 1st?
2. Do you handle a short sale differently if the 2nd mortgagee is owned by the 1st (Chase--1st, owns Bank One--2nd)?
No offense taken....
The mortgagee would have to rescind the LOC or the mortgagor would have to run out of checks...
Both loans might be owned by Chase, but it's more likely that Chase has been retained as loan servicer for other investors who own one or both loans.
I'd start by prequalifying the situation for short sale feasibility. If it looks promising, then have the Borrower request a short sale application from the second mortgagee.
If a preforeclosure short sale makes sense... it makes sense no matter who owns the loan(s).
That's very helpful! Many thanks.
That's very helpful! Many thanks.
SSPro,
Where and when will you be speaking this year?
Thanks
Josh Godwin
Primary area NY, NJ, PA, DE, and MD... secondary MA.
Mostly REI Clubs, and real estate brokers' offices, small settings of less than 15.
shortsales pro, are you doing a seminar this weekend
SSPro,
I am a loan originator in the Metro NY area and would like to attend one of your short sale seminars, can you direct me to your website or let me know where I can find a schedule of your upcoming events. Also, have you attended the "Dwan Bent-Twyford" seminar.
Thanks, Robb
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shortsale, will you be coming to south jersey any time soon?
Probably not. Once the BK is started, everything must go through the trustee/courts, and any deals like you have in mind could be reversed.