I am listing a property with a Loan Modification serviced by Nation Star. Has 2 loans and was told by seller they applied for loan mod and their statement with Nation Star only shows balance from the 1st loan. Ordered Pre-escrow and prelim still shows 1st and 2nd purchase money loans. If 2nd exists, it will likely be a short sale.If 2nd is gone it will be a regular sale. Is there a faster way to know total payoff?
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Esperanza,
When dealing with a Nationstar Mortgage Loan Modification (soon to be Mr. Cooper) generally speaking the second mortgage does not disappear. It is possible that the second mortgage has been charged off or maybe we a collection company. If the second mortgage had been forgiven it would most likely not be on title report. That leads me to believe that it still exists. If you need short sale help you've come to the right site. Let us know if you need any assistance. Keep up posted!!!
Jonathan Katz | Account Manager
888-665-8222
Absolute Consultant Group
If the 2nd loan is title, if you can't get a zero demand and/or full reconveyance then the lien will need to be settled. Since the debt is on title, the only way to know is to contact the 2nd lien holder.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com