Need Help Please !
I am a newbie to short sales, I got a call from a homeowner, he is in forclosure from the company that hold his 2nd & 3rd mortgages. He owes $40k on the first and it's current. Owes $20k on the 2nd, $12k on the third. Can the junior lien holder do this? How do you do a short sale on this scenio when the 1st is current. When I meet with him, if he ask is there any way to keep his home. Is that possible?
Thanks for any advice you can share!!!
No way of really knowing if this is a suitable candidate for short sale... unless we were to know the as-is value of the property. It the mortgage balances are close to, or exceed the FMV, then this might be short worthy.
The Homeowner could avoid foreclosure and keep his home if he can effect a remedy curing the default. It would help if the financial hardship had been resolved. A loan modification might work. A refinance might work. A chapter 13 might work.
Lots of variables at play.