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Home : Blogs : Steve Capen : Steve Capen's Blog

Second Mortgage Standoffs Stand In the Way of Short Sales

Here is a great article in the Wall Street Journal explaining the issues when there are 2 lenders involved with a short sale:

http://online.wsj.com/article/SB10001424052748704526504575634950022011416.html?mod=WSJ_RealEstate_LeftTopNews

This is one of the biggest challenges when doing a short sale. The lenders need to learn to work together. No one benefits if the house goes into foreclosure instead of a successful short sale. One possible solution in this situation is for the buyer to contribute the difference if the seller is unable to. But we have also had experiences where the 1st lien holder will not allow this and then you are at a standstill between the two lenders.

Steve Capen

Steve Capen & Associates - Keller Williams Realty

steve.capen@gmail.com

727-348-2211

www.stevecapen.com

www.pinellascountyshortsales.com

Posted by Steve Capen on 11/30/2010 11:06 AM

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Short Sales and 2nd Mortgages in the ActiveRain Channel

short sales, pinellas county short sales, st petersburg, seminole, clearwater, st pete beach, treasure island, realtor

Originally posted at: My New Outside Blog: Second Mortgage Standoffs Stand In the Way of Short Sales

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This post has been included in Florida Real Estate News Pinellas County, FL Real Estate News

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Steve Capen

, FL

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Keller Williams Realty

Address: 70 Beach Dr NE, St. Petersburg, Fl, 33701

Office Phone: (727) 348-2211

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Second Mortgage Standoffs Stand In the Way of Short Sales