Hello folks-
So I have an offer on my first short sale. The property has three mortgages on it. The first mortgage is in the amount of $478k (Litton), the second mortgage is in the amount of $111k (Litton again), and the third mortgage is in the amount of $110k (PNC). The purchase price is $395k. I am trying to negotiate with the third mortgage at this point, and they are requesting a HUD be submitted with the entire package before they will consider it. How do I know how much to offer the third, $1k? $5k? or a percentage based on the percentage of the total loan balance they representated?
Thanks so much for any help!
Kate
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