SHORT SALES AND MORTGAGE MODIFICATIONS TABLE OF CONTENTS

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Copyright 2008 Richard P. Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

Joan -

Thank you for the compliment.

A junior lien is in the scenario you mention any mortgage that is subordinate to the first mortgage.  It sounds like you have only one mortgage.  The Mortgage Insurance is actually a participant in the first mortgage with Wells Fargo.

Good job with Wells Fargo - they are becoming difficult to deal with - especially as 2nd mortgagee!

Don

Adding your son to your mortgage.  Interesting concept.  Since you are in good standing with your lender, what could possibly be the reason for this request and what is he trying to accomplish? 

That aside, the lender will almost never allow the names of borrowers to be changed (by adding or deleting) on a mortgage and promissory note.

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.