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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Focus on the short sale.. Posted by Ward-CA- on August 22, 2003 at 10:06 PM In Reply to: 2 mortgages, the 1st is on title, the 2nd isn't. posted by Tony on August 21, 2003 at 12:13 AM : Hi all, : Just wondering if you've encountered something similar: we're speaking with lenders for a short sale... there are 2 mortgages, the 1st is on title but the 2nd isn't. For some reason, the 2nd wasn't recorded. The first payoff amount is 93k, the second is 14k. The house is only worth around 70-80k in it's current condition, maybe less. The first is foreclosing. : I'm wondering what advantages, if any, we have if the 2nd isn't recorded right now. Anything we should consider? Of course, they're not getting a penny if the foreclosure takes place, so we're good in that regard. : Thanks, : Tony -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- Tony, If the property is currently owned by the party that signed the 2nd, then the lender could still be within their rights to record the 2nd if it evidences the notarized signature of the borrower. I don’t think it’s that important whether the 2nd is recorded or not since the 1st is so overleveraged. Pursue your short sale approach, it’s the most viable. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi all, : : Just wondering if you've encountered something similar: we're speaking with lenders for a short sale... there are 2 mortgages, the 1st is on title but the 2nd isn't. For some reason, the 2nd wasn't recorded. The first payoff amount is 93k, the second is 14k. The house is only worth around 70-80k in it's current condition, maybe less. The first is foreclosing. : : I'm wondering what advantages, if any, we have if the 2nd isn't recorded right now. Anything we should consider? Of course, they're not getting a penny if the foreclosure takes place, so we're good in that regard. : : Thanks, : : Tony : -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- : Tony, : If the property is currently owned by the party that signed the 2nd, then the lender could still be within their rights to record the 2nd if it evidences the notarized signature of the borrower. : I don’t think it’s that important whether the 2nd is recorded or not since the 1st is so overleveraged. : Pursue your short sale approach, it’s the most viable. 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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