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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] it happens, but not easy Posted by Skimmer on July 08, 2008 at 9:55 PM In Reply to: Don't see it happening posted by Tom on July 08, 2008 at 1:06 PM In short sale that involves two lenders, at current market, 1st lender normally offers 2nd $1000 to $3000 to release the lien before they even review the short sale package. It is headache, time consuming, and the result is unpredictable. If 2nd doesn't corporate, 1st just go ahead foreclose it, and wipe off the 2nd. Skimmer : The Padres chances of going to the World Series this year are better than completing this SS. Here's the problem. You have two different lenders. The first doesn't give a Tinker's Damn about the second, and the second isn't going to agree to a SS without some consideration. The magic number to appease both is the $64 question. If the second was a very small amount, I might hold some optimism but it's not. SS with just one lender involved is difficult to do. Obtaining peace in the Middle East may be easier than getting agreement from two lenders given their positions. Has anyone on this board ever actually done a SS involving two lenders with considerable loan balances? Not heard about, not currently working on one, but actually completed one themselves? : You need to call your lenders. I'd suggest doing it today. I don't know what purpose a HELOC lender would gain by having you sign a promissory note over what their current position might be. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : In short sale that involves two lenders, at current market, 1st lender normally offers 2nd $1000 to $3000 to release the lien before they even review the short sale package. It is headache, time consuming, and the result is unpredictable. If 2nd doesn't corporate, 1st just go ahead foreclose it, and wipe off the 2nd. : Skimmer : : : The Padres chances of going to the World Series this year are better than completing this SS. Here's the problem. You have two different lenders. The first doesn't give a Tinker's Damn about the second, and the second isn't going to agree to a SS without some consideration. The magic number to appease both is the $64 question. If the second was a very small amount, I might hold some optimism but it's not. SS with just one lender involved is difficult to do. Obtaining peace in the Middle East may be easier than getting agreement from two lenders given their positions. Has anyone on this board ever actually done a SS involving two lenders with considerable loan balances? Not heard about, not currently working on one, but actually completed one themselves? : : You need to call your lenders. I'd suggest doing it today. I don't know what purpose a HELOC lender would gain by having you sign a promissory note over what their current position might be. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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