Posted on: 09th Nov, 2011 05:13 pm
what happens to the 2nd mortgage on a short sale if both are held by the same co.
Hi dpgian,
In one way or another you will be responsible for and money in a short sale of your home. If you do not have the cash at the sale closing, I doubt you will be able to provide a clean title insurance policy. Without that, you will not be able to sell your home. If this is a different type of sale, other than a conventional mortage by the purchasers, the bank will come after you for any and all short sale.
:idea:
In one way or another you will be responsible for and money in a short sale of your home. If you do not have the cash at the sale closing, I doubt you will be able to provide a clean title insurance policy. Without that, you will not be able to sell your home. If this is a different type of sale, other than a conventional mortage by the purchasers, the bank will come after you for any and all short sale.
:idea:
the short sale needs to be approved by the lender
the lender will need to apprpove the short sale on the first mortgage and they will need to approve the short sale on the second mortgage.
the same thing happens whether it is the same lender or not that has both mortgages. they either approve the short sale or they do not.
the lender will need to apprpove the short sale on the first mortgage and they will need to approve the short sale on the second mortgage.
the same thing happens whether it is the same lender or not that has both mortgages. they either approve the short sale or they do not.
