Getting A Short On A 2nd Only - Ideas
I was wondering if it was possible to get the 2nd to accept a short sale/ discount on a property and not the first?
Tell 2nd note holder that client is contemplating f/c etc. and to accept a short as we are working with the 1st on a short at the time, with the intention of just assuming the first via sub2...
ideas?
thanks in advance
Shorting the second and leaving the first alone is very common. The second rarely asks any questions about the first. They are only looking out for their own best interest.
Much more likely for the first to tell you to take a hike unless or until the second virtually walks away for pennies.
What are all of the docs the 2nd needs to see?
Robert
SS criteria will vary by lender... but the basics are a first mortgage payoff statement, a contract of sale, an estimated HUD1, and the proposal.