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Multiple mortgages

Posted by Dan Kendall on May 7, 2010 at 10:35am in Short Sale Discussions
I have a client who has a 1st and 2nd mortgage on the property. If we are able to get a reasonable offer they will be able to clear the first but will still be short on the second. Once we get an offer do we proceed as normal but only submit the offer and package to the 2nd for approval? Does the 1st lien holder need to be part of the process?

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Replies

  • Dan Kendall May 11, 2010 at 9:11am
    Thanks Bryant, this is very helpful
  • Bryant Tutas May 11, 2010 at 8:49am
    Hi Dan. Yes the 2nd will receive the short sale package and a HUD showing the amount they will be getting after all costs. You need to order a payoff for the 1st lien and be sure to put that figure on the prelim HUD.
  • Dan Kendall May 11, 2010 at 8:45am
    Thanks Bryant, I assume then that the negotiations with the second lien holder would include how the commission and selling cost will be handled.

    Dan
  • Bryant Tutas May 8, 2010 at 11:39am
    Hi Dan. Yes you only need to submit the package to the 2nd lien holder of the 1st will be paid in full.
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