I am in the process of purchasing a short sale with a 2nd and 3rd mortgage. It is a large purchase and I have managed to come up with the necessary 20% down payment. When I started the process, I was informed that if the 1st lender approved my offer, and a settlement would be provided by the 1st to the 2nd and 3rd, and that these two lenders really didn't have much say as they would get nothing if the home went into foreclosure.
The first lender approved our offer within 30 days. However, the process has been held up because the 2nd & 3rd lenders (the 3rd lender is owed more than the second) are demanding 10% of the loan balances priior to agreeing to the sale. I agreed to meet their demands. When our HUD statement was sent out for final approval, the 2nd lender saw the 3rd lender was getting more money and denied approval. When this information was shared with the 3rd lender, the 3rd lender stated they would not lower their request and would rather go into foreclosure.
I am at a loss as I cannot come up with more money. I have been informed that If I cannot meet further financial demands, the house will back on the market. Note: I have already paid for all inspections. Any ideas as to how to remedy this situation? I really love this property and see myself living in it the rest of my life.
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