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Do you have to tell 1st lender about a prom note to the 2nd lender?

Posted by Shari P on July 11, 2011 at 9:32am in Short Sale Discussions

I have approval from the first lienholder and now the second wants a prom note. The approval letter from the first doesn't say one is not allowed so should I tell them about it or doesn't it matter?

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Replies

Beverly Cibulsky July 12, 2011 at 10:28am

Is the first asking to see the approval from the or "conditioning the approval on seeing the second" If not, dont provide anything you are not asked for!
Kimberley Kelly July 12, 2011 at 2:08am

No.
Jeff Payne July 12, 2011 at 1:58am

I dont believe that it is any of their business and you do not have to tell them. Sellers and the 2nds do this type of workout all the time

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