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house sold short sale. 2nd mtge wont sign off must i resr

Date: Fri, 05/02/2008 - 01:35

Submitted by anonymous
on Fri, 05/02/2008 - 01:35

Posts: 202330 Credits: [Donate]

Total Replies: 2


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.


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.


lrhall41

Submitted by volleyballmom on Fri, 05/02/2008 - 06:07

( Posts: 4143 | Credits: )


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.


lrhall41

Submitted by volleyballmom on Fri, 05/02/2008 - 06:08

( Posts: 4143 | Credits: )