need help quick please

I have a short sale involving First Franklin and Nationpoint.

Does it make sense that Nationpoint originated this loan and they loaned 40k and then First Franklin loaned 159k as the second???

I haven't run into this before.

I'm stumped as to why Nationpoint would care about FF going down when Nationpoint only has 40k in it?

Technically, we will not be shorting Nationpoint.
The home is worth $175k (remember Nationpoint is the first mortgage FF is the second.)

So, should I just skip over Nationpoint and start dealing with FF First Franklin?

Is it really possible that Nationpoint is the first?

 

 I've just never seen a scenario where the first lender is in it for so much LESS than the second lender.

Please HELLLLP!  I need HELP QUICK!

Thanks so much!!! 

Views: 47

Replies to This Discussion

Permalink Reply by Mori Langshaw Sr on March 1, 2010 at 4:22am
Never seen this before. Did both companies tell you their positions? If so, only deal with the 2nd, just get an updated payoff for the 1st.
Permalink Reply by Mary Wilcox on March 1, 2010 at 5:48am
thanks so much for the quick response. Ihaven't gotten either one to respond yet. I'm trying to get SSm packages/requirements from both (since I wasn't sure which one to deal with.)
Meaning, I know I have to address both of them but wasn't sure if I HAD TO deal with Nationpoint BECAUSE they are the 1st position. Like communications will go through Nationpoint to negotiate the 2nd.
Thanks so much for helping me. I don't know why this has thrown me off kilter, but it has.

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