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Permalink Reply by Bryant Tutas on October 12, 2010 at 10:05am

Pam, The 1st does not need to be involved in the short sale. However you do want to be sure to get a very precise payoff figure for the 1st before you submit the HUD to the 2nd. And make sure there are no foreclosure actions being taken by the 1st.

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Permalink Reply by Kimberley Kelly on October 13, 2010 at 3:04am

Right on Bryant..

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Permalink Reply by Pam Graham on October 13, 2010 at 3:57am

Thanks Bryant!!!



Bryant Tutas said:

Pam, The 1st does not need to be involved in the short sale. However you do want to be sure to get a very precise payoff figure for the 1st before you submit the HUD to the 2nd. And make sure there are no foreclosure actions being taken by the 1st.

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Permalink Reply by Teresa Lett on October 13, 2010 at 5:53am

Hi Pam, I have a ss listing right now with the very same scenario. I contacted the BofA who is the 1st lien holder and also faxed them the authorization and asked for a payoff, they sent that to me 2 days later. I've had the listing now for a little over a month and just yesterday they faxed me an updated payoff. Wow, they're being proactive.

Sadly, my little house listing has had not 1 showing. I've reduced the price from $59.9K to $54.9K and still not even a sniff. Since my seller owes approx. $43K on the 1st and $20K on the 2nd which is a HELOC, I have discussed with my seller whether or not, after making a good faith effort to get money to the 2nd, the best plan B would be to let it go to auction, wipe out the 2nd lien and negotiate a contract in the redemption period where this seller could actually walk away with some $$$$ to file BK with (their plan to file BK). Trouble is now, BofA has suspended foreclosures for everybody everywhere. This confuses me to say the least, guess it gives my seller more time to find a buyer.

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Permalink Reply by Pam Graham on October 13, 2010 at 9:33am

It's hard to believe no showings on a 54k house! I have one at 40k and haven't gotten much activity. Hopefully you can get some activity soon!



Teresa Lett said:

Hi Pam, I have a ss listing right now with the very same scenario. I contacted the BofA who is the 1st lien holder and also faxed them the authorization and asked for a payoff, they sent that to me 2 days later. I've had the listing now for a little over a month and just yesterday they faxed me an updated payoff. Wow, they're being proactive.

Sadly, my little house listing has had not 1 showing. I've reduced the price from $59.9K to $54.9K and still not even a sniff. Since my seller owes approx. $43K on the 1st and $20K on the 2nd which is a HELOC, I have discussed with my seller whether or not, after making a good faith effort to get money to the 2nd, the best plan B would be to let it go to auction, wipe out the 2nd lien and negotiate a contract in the redemption period where this seller could actually walk away with some $$$$ to file BK with (their plan to file BK). Trouble is now, BofA has suspended foreclosures for everybody everywhere. This confuses me to say the least, guess it gives my seller more time to find a buyer.

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