What are the rules on having investment properties and needing to short sale them? There is a 1st and 2nd lender.
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What are the rules on having investment properties and needing to short sale them? There is a 1st and 2nd lender.
You need to be a member of Short Sale Superstars to add comments!
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Can the mortgage payment continue to be current and the bank will still give approval? Or do they have to still be late at least 30 days once an offer is submitted?
Yes it can be current but the seller should expect to make a cash contribution
it depends on the lender. Most of the time they will not even talk to you unless they client is behind on payments.
Most of my short sales are investment properties. I handle them just like any other short sale. I have 3 properties under contract right now for the same seller.
Just proceed as usual.
Agreed, just received an approval on a negative equity position, the owner stopped paying the 1 & 2nd (held by the same lender) and we gave them everything they asked for and despite ability to pay it was approved:)