Short Sales
Say a homeowner has a 1st loan for 100K going through foreclosure and they also have 2nd loan of 30K . The house is very nice but only worth 115,000. Is there any way I can short sell or buy the 2nd for a reduced pay off ...maybe 8,000 and then cure the first and take the house subject to?? I have only talked to 2nd lienholders 3 or 4 times and they always ask for a short sale package with a sales contact and a HUD1. If they knew I was gong to cure the 1st thus stopping the foreclosure then they would not be motivated to settle short would they. Do some 2nd loan holders want to sell off the note regardless???
Thanks 
Thank you...how do purchse the second thru an assignment?
The short sanswer is decide what you want to pay, make sure you have the cash, write up an offer, and present it to the appropriate/empowered individual.
I would include a compelling proposal and a copy of the certified check in the amount of your offer.
okay that is what i thought. thank you for the response. i just couldnt figure out why there was something in my head telling me i "couldnt do that".
thanks again, Ryan
When you submitted the short sell package to the lender, who was the buyer? Did you have to submit a Purchase and Sale Contract and preliminary HUD1? Most SS Packages (other than FHA) require these two documents in the intial SS package. If these documents were in your SS package, then your SS approval letter will most likely state that the buyer must be ANNE SMITH - or whoever was on the P&S and HUD1.
Brenda
oh yea good point. but....they will only see the hud 1 that shows that i bought it and not the sale hud 1 so i dont think it matters right?
Is anyone willing to share what lenders they use, thoses that do not care about seasoning for the end buyer, in this short-sale example?