First with PHH (Merrill Lynch) balance is $301,000

Second was with PHH just transferred to B of A in November balance $188,000

Third with B of A as well balance $250,000

Value is at about $450,000 and just received offer at that price. Has anyone had an experience on paying off first in full, covering all closing costs and then having 2nd and 3rd be shorted and split 75% / 25% respectfully? Seem like if I try to process the first as a short in order for the 2nd and 3rd to fall in line, the first is going to say "wait a second - we can be fully satisfied"

Any advice would be greatly appreciate!

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Good luck with PHH.  It took me almost 2 years and 4 buyers to get a deal closed with them - they are extremely difficult to work with.  That said, you cannot short the 1st if the proceeds would cover what they are owed (balance plus interest, late fees, legal fees, etc.) In your scenario, I expect the 1st will get paid in full. the 2nd will get as much as they want, and the 3rd "might" get a nominal amount - maybe $1,000.  

I will be honest, PHH is a pain and will slash your commission - I don't handle any short sales with PHH any more.

Good luck!

I wouldn't anticipate a 75% and 25% split between the 2nd and 3rd. I'd be offering the 3rd considerably less to begin with as they are pure dead debt based off the numbers you stated.

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Since the 3rd is so large is it an SBA loan?

The first is not involved. Just order a beneficiary demand from the first. I'd offer the third either $3,000 or $6,000 and give the rest to the second.

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