Does it make sense????

I have a short sale involving First Franklin and Nationpoint.

Does it make sense that Nationpoint originated this loan and they loaned 40k and then First Franklin loaned 159k as the second???

I haven't run into this before.

I'm stumped as to why Nationpoint would care about FF going down when Nationpoint only has 40k in it?

Technically, we will not be shorting Nationpoint.
The home is worth $175k (remember Nationpoint is the first mortgage FF is the second.)

So, should I just skip over Nationpoint and start dealing with FF First Franklin?

Is it really possible that Nationpoint is the first? I've just never seen a scenario where the first lender is in it for so much LESS than the second lender.
Please HELLLLP!

0 members like this

Replies to This Discussion

Permalink Reply by DanaVoelzke on March 4, 2010 at 7:17pm

Mary, Did you get a response on this? If you review Katerina's posts on dealing with 2nds she has written that you should always go to the 2nd first. I have never seen one where the balance on the first was lower than the balance on the 2nd. That sounds like what you said above.

I do not have an offer on my SS w/ Franklin as 2nd so keep me posted!!

RSS

Welcome to
Short Sale Superstars

Sign Up
or Sign In

Or sign in with:

Members

View All

Badges | Report an Issue | Terms of Service

Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.