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Are you sayng the property is now worth $700k ($500,000 + $200,000) or if the 1st payoff occurs the property is still only worth $100-$150,000? Is the 2nd a HELOC?
Be sure to order the payoff on the first and also be sure that any additional fees or attorney charges are added in. Then you can present the short sale package to the second. Interested in seeing the answer to Alan's question too
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