Hi all,
Have done my share of short sales but this one is different then all others and need advise where to start. Please share what you know or have experienced. Home is going to short sale because of a Divorce and both parties just want to move on. Paperwork has been filed and April 2016 Divorce is final.
Value of home is $245K.
1st - Nationstar and owed is $223K
2nd - Wells Fargo and owed $25K
Home is current on payments but probably not for long.
Question?
Should I contact Nationstar about short sale but when they see value and what is owed, they should get all their money.
Should I just not talk to Nationstar and go Directly to Wells Fargo as they will need to approve short sale due to not enough money to pay entire Heloc
Please share any thoughts or suggestions
thanks
Tags:
If the 1st is getting paid off in full than you will only need to do a short sale with the 2nd. If you can have the 1st paid off in full that may be the easier route to go. The offer you submit and the 2nd liens position will be the dictating factors on how this needs to be structured.
Let me know if you need anything at all or have any questions.
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