Potential short sale - Owner has 1st with American Home and 2nd with private investor

Hi everyone! I have a situation and need some advice. I have a potential short sale lead who got an NOD from their 2nd lien holder (Trabuco Investments, Inc) which is a private lender. He owes $45k on the 2nd and just went into default in December 2011. His sale date is set for April 18, 2012. He actually did not get an NOD from the 1st with American Home (yet). He owes $1.1mil with the 1st. 

My question is - How do I go about pursuing a short sale with this property? What is the best way to go about this situation? My thought was to call his 2nd lender and find out what his options are. What's the likelihood of extending the trustee sale date so that I can process the short sale?

Thank you for your help!

Views: 111

Replies to This Discussion

Permalink Reply by Michael Hayley on March 5, 2012 at 2:13pm

Questions:

What is value?

Did he/she hire an attorney to defend the foreclosure on the 2nd and can attorney delay beyond April 2012?

Permalink Reply by Krissy on March 5, 2012 at 2:32pm

I believe the value is between $1mil to $1.1mil based on the comparables. He did not hire an attorney. What would you recommend the owner do at this point? Thank you.

Permalink Reply by Michael Hayley on March 5, 2012 at 2:38pm

I'd say: hire a lawyer to delay the 2nd foreclosure. Seek a forbearance or modification to get some time. Then access his options and financial capacity, and pursue a short sale or a modification when there is not so brutal time pressure. 

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