How can a 2nd foreclose first? Two Wachovia loans and 2nd only one to file not
I am trying to figure this out and there must be something I am missing.
Our new listing has two Wachovia loans. We knew we were up against a NOT however the sale did not go through the first of January. Our clients did not even know about short sales until recently. I sent the package off to our SS mgr and explained could he check on the not. He confirmed he got the email and said no sale date. Our client in good faith called the loans to tell them they were doing a short sale. The second got nasty and said the sale date is set for 2-3.
I am scratching my head, because the first is $440K and the second is $89K and it is on the market for $249K.
Can someone explain to me why would the second do this? When it would appear they get nothing? and of course the second never said anyting about short sale or HAFA, why would they?
Anyone shed some light on this? Thanks so much.
Replies to This Discussion
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Permalink Reply by James ferebee jr on
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A lot of seconds foreclose and they can rightfully foreclose if they want however I have seen some local banks foreclose payoff the 1st and place the house up for sale as an reo later.
They can do it if they want however it's rare but they can foreclose if they want.
Sometimes the owner would stop paying the second and continue to pay the 1st and the 2nd can and will foreclose if they are not being paid.
I have also seen the 2nd make a deal with the 1st and now the 2nd becomes the 1st..
It happens....
Jim
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Permalink Reply by Melanie Ross on
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Jim,
thank you for your comments. and both loans are delinquent so the second will get nothing when it forecloses unless there is something behind the scenes we do not know of!
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Permalink Reply by Cami Pinsak on
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I have a client who has two Wachovia loans. He too had only the second foreclose. Its been very tough.
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