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More than one Mortgage

Posted by Trong Dang on June 14, 2012 at 6:58am in Short Sale Discussions

For the past few years I have been negotiating deals with only one loan and refer all others that has more than one out to another agent in the office.  Right now I am considering doing it all with an assistance just so I know exactly what is going on, plus the wife will help too :)  My question is, are we still playing that game where there are more than two liens and you send the second a HUD that shows the first will only offer a smaller amount than you think, then to the first a bigger number and hopefully they'll come in somewhere in the middle for the second to release their lien?

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Replies

  • Bryant Tutas June 14, 2012 at 8:42am

    Trong. Short answer. NO! Just remember these rules of thumb.

    1. If it's HAFA you have $8,500 to offer the 2nd
    2. FHA you can give them $1,500 plus you can use the seller's $1,000 incentive for up to $1,500
    3. Fannie or Freddie offer 6% of the balance owed the Junior lien or $6,000. Whichever is less.
    4. When in doubt. Use the 6% or $6,000.
    • Trong Dang > Bryant Tutas June 14, 2012 at 12:24pm

      Thanks Bryant!  BTW, is there a discount code for Short Sale Commander? ;)

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