Short Sale On 2 Mortgages Prior To Foreclosure.
In Michigan, banks are increasingly willing to SS before foreclosure has even been filed.
This is no problem with one mortgage and with 2 mortgages later in the FC process, it is easier to deal with the 2nd.
But does anyone have any advice on juggling negotiations with 2 lenders early on.
Example property is worth about 200,000 now. $230,000 ARV.
1st is 205,000 and 2 months late
2nd is 40,000 and current
There is a legit hardship and 1st is willing to talk SS.
I hate to recommend the homeowner stops paying the 2nd.
Suggestions?
Thanks
Eric
This is no problem with one mortgage and with 2 mortgages later in the FC process, it is easier to deal with the 2nd.
But does anyone have any advice on juggling negotiations with 2 lenders early on.
Example property is worth about 200,000 now. $230,000 ARV.
1st is 205,000 and 2 months late
2nd is 40,000 and current
There is a legit hardship and 1st is willing to talk SS.
I hate to recommend the homeowner stops paying the 2nd.
Suggestions?
Thanks
Eric
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