can you just Short sell the 2nd Lien holder and payoff the 1st ? How do I structure this?
I have a person interested in doing a short sale on a 4 family he owns. Property is valued around $275k.
He owes 1st lien holder -ASC- around 100k and the second lien holder- a local bank- about 250k in a balloon note that is set to go up at end of February.
He is barely keeping his head above water with this property after spending a lot to fix up/ upkeep the building. I am familiar with the Head of the Loss Mit dept at the local bank and they are not very forgiving.
What advice should I tell the potential seller?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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You sure can. Just submit the short sale to the 2nd. All you need from the 1st is a regular payoff letter to make sure you have the correct amount on the HUD. The seller can call and order this. Be sure to add enough money to it to make up for the time involved with doing the short for the 2nd.
The very first thing I would do is have the seller or yourself contact the 2nd to see of they will even consider a short sale. Some smaller local banks do not.
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Permalink Reply by Tracey Semelsberger on
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Thanks Bryant! Will do.
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