Bellevue WA – Here is the most common problem that arises with short sales. There are multiple mortgages or liens on the property.
Any of the mortgage companies or lien holders have the right to veto the short sale. For example, we had a short sale with a first mortgage, a second mortgage, and a third position lien.
The third position lien was an old credit card judgment. It had to be paid off to sell the house. The first mortgage was only willing to pay $3,000 to any second mortgages or liens.
The second mortgage wanted $4,500. The credit card judgment wanted $5,000. How were we going to get the extra money for them?
We had to escalate the file with the first mortgage. We told them that they had two options.
Option one: See Entire Story