Would This Be A Short Sale Candidate
Property worth 130,000.00. First mortage is 116,000.00 and Second is 50,000. And more than 7 months in arrears. Is this a short sale candidate?
Property worth 130,000.00. First mortage is 116,000.00 and Second is 50,000. And more than 7 months in arrears. Is this a short sale candidate?
Perhaps with the second mortgagee. Much depends upon the mortgagor's financial/hardship circumstances.
Sounds like it is to me. In this situation the second will have to take a loss if forclosure happens. At least to the amount of value, but if you could up with repairs.
Can you short the 2nd here, and take the first subject-to?
If you can't or choose not to pay the purchase price for the property, but instead purchase 'subject to' existing first mortgage financing, to facilitate a short sale, you would have to purchase the second mortgage via an assignment. For that, you would need cash.