I am trying to fill out the offer submission form and towards the end of the form there questions about the 1st and 2nd lien release amounts. Are these the original loans against the property, in this case a 1st and a 2nd or something else?

 

Thanks,

 

Gary

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Replies to This Discussion

You would put the amount you're offering to a jr lienholder. For example, you may be paying $3000 to the 2nd loan to release the lien (approve the short sale). You should be able to enter an amount in the box for the 1st.
I 'm not sure how to edit the answer I gave, but what I meant to say is that you should NOT be able to enter an amount in the box for the 1st lien release.

Damon Botticelli said:
You would put the amount you're offering to a jr lienholder. For example, you may be paying $3000 to the 2nd loan to release the lien (approve the short sale). You should be able to enter an amount in the box for the 1st.
Just put in whatever equals 10% of the loan balance for payoff to the 2nd lien holder & leave the payoff to the 1st lien blank, unless you have a HUD completed, then you can put their payoff on that line.

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