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 Posted: Fri May 02, 2008 1:35 am Subject: house sold short sale. 2nd mtge wont sign off must i resr |
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Have buyer for house on short sale. Main creditor will accept short sale,2nd mortgage wont. They want me to resign with them for $27,000. I am taking no profit from house. Seems like my realtor is for the buyer not the seller, and I am the seller.
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nanmed
Joined: 02 May 2008
Posts: 1
Debtcc Points: 20
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| Posted: Fri May 02, 2008 6:07 am Subject: |
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HI there...its likely that the 2nd will be getting no $$ from the short sale, which is why they will not agree, correct? In hindsight, what typically happens is that you get both lienholders to agree to a short sale prior to accepting or contemplating a short sale offer. This is unfortunatley a common issue right now with property values on the decline and foreclosures running amok.
Beg and plead with the 2nd...if they want you to resign an unsecured note for the $27k, that might be the best you can do.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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| Posted: Fri May 02, 2008 6:08 am Subject: |
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HI there...its likely that the 2nd will be getting no $$ from the short sale, which is why they will not agree, correct? In hindsight, what typically happens is that you get both lienholders to agree to a short sale prior to accepting or contemplating a short sale offer. This is unfortunatley a common issue right now with property values on the decline and foreclosures running amok.
Beg and plead with the 2nd...if they want you to resign an unsecured note for the $27k, that might be the best you can do.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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