Potential Short Sale In Colorado
1st attempt at short sale and looking for some direction... House comps at about $140. 1st Deed of Trust(DOT): $112K 2nd DOT: $20K 3rd DOT: $30K House is listed with a Realtor at $139,900. I think I can convince the 1st DOT holder to accept a short but what do I do with the 2nd and 3rd DOT holders. Can I simply call Loss Mitiation and offer pennies on the dollar? Any help appreciated. Thanks
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The mortgagor will need to request and complete an application for short sale consideration from each of his/her mortgagees, and your Proposal(s) will have to be sufficiently compelling to convince the mortgagees that it would be in their best financial interest to accept, "pennies on the dollar".
Or, you could offer to purchase the junior lines via an assignment and 'step into their shoes' to facilitate the first mortgagee's criteria for short sale.