We have been working a short sale with a national lender that had both the 1st mortgage and the 2nd mortgage.  We have been working with one negotiator and they have been receiving information from us and sending information to us so we were under the impression when we received the approval on the 1st that the 2nd would be soon to follow.  When reviewing the approval letter we discovered that they had sold the second to another lender during the time we were negotiating the sale.  I don't know right now if the company that purchased the 2nd knew that it was in a short sale negotiation or not.  We are now in negotiation with a new 2nd mortgage holder.  We will be trying to get them to accept $2,500 for a note they just took over valued at $60,000.  Ouch!  The property went down from about $350,000 to about $160,000 in the last 3 years.  There has to be a lot more than meets the eye on something like this.  ]

Share your "short sale" experience.  It is appreciated.

Thanks,

David Wiggins  CRS e-PRO

Executive Member REOMasters Network