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!!!
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