Is This A Candidate?
FMV: $146,000 First Mortgage original balance: $65,000 First Mortgage current balance: $50,000 Second Mortgage original balance: $35,000 Second Mortgage current balance: $30,000 Second Mortgage company is foreclosing. Thanks for you help!
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If you are asking if this is a candidate for short sale..... I'd think probably not. There is way too much equity for the second mortgagee to agree to accept less than they are due.
Is there any reason whatsoever that the homeowner can't sell the house at fair market value? That's what the mortgagee will ask....
Hi SSpro,
They could sell it on the open market but they feel they're running out of time and haven't really looked into that, so they are willing to talk to me.
Do you think that the second mortagee would take a small short say, $25,000 for their $30,000? I plan on trying anyway, just wondering what your thoughts were.
Thanks for your help!
It never hurts to try... Who knows?