Is this a short sale?

Is it a short sale if the first gets all that is owed but the 2nd and 3rd does not?

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Permalink Reply by Smitty on February 16, 2012 at 8:47am

It's a short sale for the second and third...not the first.

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Permalink Reply by Wendy Rulnick on February 16, 2012 at 11:04am

Yes, as Smitty says. The tricky thing for your title agent will be anticipating the proceeds based on the future loan balance for the first. If that lien is in arrears, she will have to tack on future legal fees that add up each month. It will make a difference in what net proceeds go to the next lien... since the senior lien balance is changing...

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