I took a listing to find out later that there is a $16,000 3rd lien (pool lien) on the property. Homeowner did not disclose this as he is up to date on the payment and didn't think he would need to include this in the short sale. The 1st and 2nd are both purchase money loans~ 1st with Bay View and 2nd with BOA and 3rd is with Key Bank. Homeowner is willing to sign a prom note with 3rd and continue to make payments for the lien to be released and be able to close. I have never dealt with a 3rd lien in a SS before, so I need some advice on how to deal with this situation. Should we tell the 3rd that the prom note is contingent on the 1st and 2nd going through and not sign anything until close? Anybody ever dealt with a 3rd before and had it go through?
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
Same as any other other short sale. Just negotiate the 3rd. If the seller is willing to continue making payments to Key Bank then maybe they can contact them direct and get this lien removed now.