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Second Mortgage Is A Short Sale Only!

In some transactions you may realize that their may be a possibility that the first mortgage will be paid off in full from the proceeds of the sale, but that the subordinate lien(s) will not. Situations such as this can often be welcomed as these transactions entail that you may be going through the short sale process with one less lien holder. If you feel that the 1st may be getting paid off in full it’s important to do the following. First, order a pay off from the 1st lien holder. Provide the payoff to escrow so that they may draw up an Est. HUD with all necessary fees and the 1st being paid in full. Any additional proceeds are able to be strategically presented to the subordinate lien holder(s). You will only need to process the liens not getting paid off in full as short pays. If they are not willing to accept the payoff presented to them and if there are no additional remedies then you may be forced to put the 1st in a short pay position and restructure the transaction. It all comes down to the numbers and if you can make it work with the 1st being paid in full, it’s often a wise route to go. When the second mortgage is a short sale only often the transaction will be able to get into closing quicker depending on the numbers.

 

For assistance in structuring a transaction for success or anything short sale related please fill out the form below.

 

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