SS The 2nd Mortgage
Hey there,
What is the process for a short sale on the second mortgage. Will they want to see the signed purchase agreement and everything else that would be sent in to the 1st mortgage holder? Or is it simply a matter of calling and asking?
Brian
Every mortgagee has different criteria for short sale. Some won't consider a short at all.
A preliminary phone call is indicated to ask for their policy and procedure for requesting short sale consideration.
In my opinion and experience, it's best to be overprepared and professional in your approach. After all, you are asking a professional financial institution to consider the merits of your business proposal. You only get one chance to make a first impression.
[addsig]
Thanks SSPro
Im not having a whole lot of luck speaking with the lenders and its getting frustrating. I was reading about one guy who normally calls the attourney that files the mortgage at the courthouse and speaks with him. Is this something that I should consider or is it best to keep calling the lender directly?
Thanks
Brian
If you aren't having success at getting the lenders to call you... I guess you aren't giving them any reason TO call you in the first place.
[addsig]
sspro, how could u get them to call u??
[addsig]
This isn't a cookie cutter technique... each situation has a different set of problems and obstacles... frankly, I don't often run into that problem too often... If they don't respond to my written request (FAX and US Mail)..which happens sometimes, I'll call and speak to them, offering to FAX the LOA to their personal FAX number.
[addsig]