Need some advice... I have a short sales with Seterus as the 1st and BOA as the 2nd. At our current sales price, we will barely clear the 1st lien so nothing left for BOA. Of course if the transaction goes another couple of months this is a moot point.
Any suggestions? My thoughts would be to work both so that I can possibly get some payoff to BOA for them to accept.
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Yes you need to give something to the 2nd so will need to do a short sale with both lenders. Unless the buyer and/or seller are able to pay some funds to the 2nd as an expense on the HUD. See if you can get $3,000 to offer the 2nd without needing to short the 1st.
Thanks Bryant.
Perfect timing. Meeting with seller tomorrow about another matter but this may work out.
Howard
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