short sale: When a first lender is no more. The tables are turned...
- 02/04/10 10:25 AM
I have a short sale that has been in negotiations for almost a year. As we get close to the approval with the second lender (line of credit), the attorney negotiating the short sale has the title work pulled and realizes that actually the owner had refinanced the 1st mortgage on the property in 2005. When the refinancing was done the existing 2nd lender (line of credit) never signed a Subordination Agreement for the benefit of the new first mortgage lender, and as a result, the second (line of credit) was now in first position and was entitled to full payment, not the … (1 comments)
short sale: When short sales do not make any sense... Bankruptcy may be the solution.
- 10/10/09 05:07 AM
I spent two hours last evening having a heart to heart conversation with a prospect who contacted me to short-sell their investment condo. As I qualified his situation, I realized that short-selling or doing a loan modification was going to do nothing for him. His business had evaporated in the past 24 months, his spouse was holding a low paying job, their monthly gap was in the thousands of dollars, they had already liquidated all assets, and were living off credit cards with astronomical balances. He had no concrete plans or ideas on how to re-build his business, and was fixated on … (3 comments)
I have a short sale that has been in negotiations for almost a year. As we get close to the approval with the second lender (line of credit), the attorney negotiating the short sale has the title work pulled and realizes that actually the owner had refinanced the 1st mortgage on the property in 2005.
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