How can I short sale with 2 mortgages different lenders.
I have a first mortagage with WF for $195,000 and a second interest only mortagage with BofA for $60,000. My house is worth about 230,000 (thats going by comps in neighborhood). I'm NOT upside down on my first but I'am with the second. The cost of keeping the home is more than I can afford and on the second mortgage being an interest only the payment fluctuates. I would like to move into a smaller home probably renting to save money. How do I handle this with two different lenders when one is obviously going to come out with less money?
You can do it... You have to mitigate with the primary lender first and negotiate how much the first is willing to give to the second. They usually give up between $3,000 and $5,000. Some of the 2nd lenders are requiring the home owner to take a note for part of note that is not being paid off from the first. It all depends how much you owe on the 2nd. Currently, I am partner in a mitigation company and we are mitigation 450 different files. EVERY file is different and every mitigation results is different because it is dependent on the lender and what the seller is willing to pay. I hope this helps - please do not hesitate to ask me any other questions. I will help you out in any way - It can be done with a Short Sale but before you begin mitigation you have to have a Purchase Agreement from a buyer.
by emg117 7 years ago
Out of state owner needs guidance in upside down home with 2 lenders.Hi Cheri, I had a question. I own a home in FL but had to move out of state for work 3 years ago. After no luck selling for 18 months (sad) we put the house out for a rental. Since our 2 mortgages are still more than what we are...
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by Romian1 5 years ago
How can you be safe from debts after a short sale?Here is the scenario: An elderly woman in her 70's is going through a short sale of her home in Massachusetts. There is also a second mortgage tied to the home. The sale of the home will only cover the first mortgage but only part...
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