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How to get the 1st loan to pay something towards the second loan.

Posted by Donna Paul on November 17, 2010 at 2:06pm in Short Sale Discussions
I just listed this home. It has two outstanding mortgage on it. One with GMAC for $365,000 and the other one on EMC for $80,000.... I got an offer above asking price which is $306,000. I want to make sure that the 1st loan considers the 2nd loan, so that my client doesn't pay back a large sum to the bank,.

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  • 01ixmqv6bdhq3 November 18, 2010 at 12:11pm
    Our recommendation is to first understand what their investor guidelines are at each bank and then figure out your strategy or you'll be wasting your time....

    Fannie and Freddie for example won't pay more than 3k or a certain percentage to a 2nd....
  • Wendy Rulnick November 17, 2010 at 3:26pm
    Donna - There are a few approaches. You can try to get it assigned quickly at EMC and ask them what they'll accept. Or you can start with $8000 on HUD to GMAC. The "hitch" is you might get away with less to GMAC. Tell the seller that there may not be enough to satisfy the junior lien, so be prepared for a request to contribute.
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