Can you short sale a house without approval of the 2nd mortgage?
Merline D. Pennant, shared this blog a couple of months ago that would be great to re-discover today. There are many useful ideas that can be used to further help guide your next real estate transaction. Use these suggestions as a starting point and customize further to your own specific situation. Thanks for sharing.
Can I short sale a house without approval of the 2nd mortgage?
When you chose to do a short sale all mortgages are affected by this decision.
Many homeowners are only concerned with the short sale of the 1st mortgage, but you can not short sale a house without the approval of the 2nd mortgage.
When you short sale your home and there is a 2nd mortgage or even a 3rd mortgage they are all in the position to deny or approve the short sale. If one mortgage holder disagrees with the short sale, or even the terms and conditions of the short sale then short sale is DEAD.
The 1st mortgage has the strongest position over the junior mortgages, but the 2nd mortgage also have power. The 1st mortgage may determine as part of its approval that the 2nd mortgage can receive no more than "X" dollars. If the 2nd mortgage insists on holding out for "Y" dollars a greater sum than "X" dollars there can be no short sale.
Often each mortgage holder will want to see what the other is offering. Therefore it is up to the short sale negotiator to supply these documents to the respective parties.
Therefore, it is not possible to short sale a house without approval of the 2nd mortgage.
Check out some of my other blogs:-
Can you short sale a house without approval of the 2nd mortgage?
Who pays the real estate commission on a short sale?
I am certified from the National Association of Realtors for being a Short Sale and Foreclosure Expert.
If your are looking to sell or purchase a home in South Florida CLICK HERE to contact me to assist you with your real estate needs.
Merline Pennant
Realtor/Broker
Direct Line: (772) 985-7653
email: Merline@RegalRealtyTC.com
Website: RegalRealtyTC.com
Comments (0)Subscribe to CommentsComment