Living in the Foreclosure Capital of America with 2 loans - - How do I get an approval from both loans?

2 Loans Short Sale do they work?  

What you are looking for when you have 2 loans and you're trying to do a short sale.   The Raw Facts on Default, Pre-Foreclosure, Short Sale and Foreclosure

Can this happen ?  Yes.  You can have 2 loans and still manage to get a short sale negotiated to an approval from both.  Not the easiest thing in the world to do, but it can be done.  And anyway, who said anything about a short sale was easy?  Who said it was easy to live in Stockton, CA with the foreclosure rate the way it is: Ground Zero.... the Foreclosure Capital of America! Stockton, CA

You have to work with both lenders to put together a short sale transaction (you are getting it easier if the lender hold the 1st and the 2nd loans).   Even if the value of your home is below the balance of the 1st mortgage, it can be worked to get both lenders to cooperate or approval the sale.  Short sale approval is not AUTOMATIC!

Keep in mind that you do not have a completed approval if you get the 1st mortgage to say yes and that they will allow the 2nd to get $XXXXX - until you have the 2nd approval for that amount, you do not have an approval -- EXCEPT: If both loans are owned by the same lender.  If yes, you're good to go with whatever the 1st mortgage lender approves.  OTHERWISE, you will need the approval from the 2nd lender to insure that you can do a successful short sale.

This same rule applies if your First mortgage agree with you on a reinstatement, forebearance or workout plan.  You still have to work with the Second lien holder to come to some kind of agreement if you are in the arears with that loan too.  Some people are over looking the second lien holder.  Ground Zero.... the Foreclosure Capital of America! Stockton, CA

What do you have on your side?  Neither lender wants to own another home through foreclosure!

Need a Short Sale Specialist? 

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Give us a call today!  866-750-8282

For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/

Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Perfect Financial Solutions and we also focus in Short Sales and the Pre-Foreclosure process.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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