lien holder: New mortgage fraud by big banks.
- 02/11/10 07:20 AM
New mortgage fraud by big banks. In order for a short sale with two loans to happen, the second lien holder has to drop the lien.If they don’t, and there’s no short sale, the home goes to foreclosure and the first lien holder gets the house because second liens are subordinated debt to the primary loan.In short, the second lien holder gets nothing. In order to get the second lien holder to drop the lien, the first lien holder generally negotiates some partial payment to the second lien holder. The second lien holder doesn’t have to agree, but more … (7 comments)
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Megan Izdebska & Hanna Manoufar Chandler, Scottsdale Real Estate Agent
New mortgage fraud by big banks. 
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