Second Mortgage Standoffs Stand In the Way of Short Sales

By
Real Estate Agent with Keller Williams Realty

Here is a great article in the Wall Street Journal explaining the issues when there are 2 lenders involved with a short sale:

http://online.wsj.com/article/SB10001424052748704526504575634950022011416.html?mod=WSJ_RealEstate_LeftTopNews

 

This is one of the biggest challenges when doing a short sale.  The lenders need to learn to work together.  No one benefits if the house goes into foreclosure instead of a successful short sale.  One possible solution in this situation is for the buyer to contribute the difference if the seller is unable to.  But we have also had experiences where the 1st lien holder will not allow this and then you are at a standstill between the two lenders.

Steve Capen

Steve Capen & Associates - Keller Williams Realty

steve.capen@gmail.com

727-348-2211

www.stevecapen.com

www.pinellascountyshortsales.com

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida Pinellas County
Tags:
short sales
pinellas county short sales
st petersburg
seminole
clearwater
st pete beach
treasure island
realtor

Anonymous
Post a Comment
Spam prevention
Spam prevention
Anonymous
Post a Comment
Spam prevention
Rainer
28,294

Steve Capen

Ask me a question
*
*
*
Spam prevention