Please Help With This SS Twist!
i just put a property under contract today. i want to attempt a short sale. here are the numbers:
after repaired value : $85,000
repairs: $2000
owed on the first: $51,000
owed on the second: $33,000
i have done a short sale before on a 1st position lien. my goal here is to significantly reduce the second. but there is a twist with this one. the first is held by a local private investor, the second by usaa federal savings bank. its my understanding that you do not submit a short sale package to the second. you just offer a reduced payoff (10%) to satisfy their lien. my thinking was to approach the 1st and see if he would accept anything less, but i dont imagine he would need a SS package.
what would you do in this case with the second? submit a whole SS package to them or just proceed as with any other SS offer and just ask the second for a reduced payoff?
Eric
I cant imagine the first mortgage holder will take any hit on that one.
Yes, submit a SS package to the second first. It could go both ways by bringing the first lien holder in, because most likely he is an investor and may try and negotiate the second himself, or he may be paranoid to get his money and help you however possible.
Quote:
On 2005-04-06 17:46, Eric5 wrote:
I cant imagine the first mortgage holder will take any hit on that one.