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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Here's something to try... Posted by Cary on June 05, 2003 at 0:50 AM In Reply to: Here's something to try... posted by Ward-CA- on June 04, 2003 at 7:59 PM : : I have an agreement from the sellers of a house to short sell their property to me. I've contacted the 1st mortgage holder, but they tell me that they won't even discuss a short sale unless the 2nd mortgage holder gets nothing. Why would the 2nd mortgage holder even consider this? Is there a way to do a short sale with a 2nd mortgage holder involved? : =•=•=•=•=•=•=•=•=•=•= : Stuart, : Is the lender on the 2nd a private party? If so the 1st may suspect that they really aren’t owed the amount you claim they are. : So if the 2nd is an institutional lender, like the Money Store, etc. then go back to the 1st and tell them that the 2nd is asking why should they do anything if they’re going to get nothing out of the short sale? : No way to do a formal short sale without the involvement of the 2nd, that I know of. Stuart, Here is another idea that may work for you. If there is enough equity in the house, check to see if the 2nd is open to SELLING the note at a discount (there is a distinction on a short sale and discounted note purchase). If so, you can BUY the note from the lender in 2nd position for a reasonable amount of money. Then YOU become the assignee of the note (or the new "lender") and show that you are getting NOTHING on the HUD-1 Settlement Statement when you submit it to the 1st lender for a short sale. Cary Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : I have an agreement from the sellers of a house to short sell their property to me. I've contacted the 1st mortgage holder, but they tell me that they won't even discuss a short sale unless the 2nd mortgage holder gets nothing. Why would the 2nd mortgage holder even consider this? Is there a way to do a short sale with a 2nd mortgage holder involved? : : =•=•=•=•=•=•=•=•=•=•= : : Stuart, : : Is the lender on the 2nd a private party? If so the 1st may suspect that they really aren’t owed the amount you claim they are. : : So if the 2nd is an institutional lender, like the Money Store, etc. then go back to the 1st and tell them that the 2nd is asking why should they do anything if they’re going to get nothing out of the short sale? : : No way to do a formal short sale without the involvement of the 2nd, that I know of. : : Stuart, : Here is another idea that may work for you. If there is enough equity in the house, check to see if the 2nd is open to SELLING the note at a discount (there is a distinction on a short sale and discounted note purchase). If so, you can BUY the note from the lender in 2nd position for a reasonable amount of money. Then YOU become the assignee of the note (or the new "lender") and show that you are getting NOTHING on the HUD-1 Settlement Statement when you submit it to the 1st lender for a short sale. : Cary Optional Link URL: Link Title: Optional Image URL: [ 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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