House forclosure short sale with 2nd mortgage (foreclosure, negotiating, agent)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I need some answers. I can't pay my mortgage and fear forclosure. I have been hearing about short sales. my question is what happens to the second mortgage if the lender is differant than the first.Is the second mortgage gone if it is forclosed? and can a realtor sell at a short sale before forclosure if so where is the second mortgage?
I need some answers. I can't pay my mortgage and fear forclosure. I have been hearing about short sales. my question is what happens to the second mortgage if the lender is differant than the first.Is the second mortgage gone if it is forclosed? and can a realtor sell at a short sale before forclosure if so where is the second mortgage?
During a short sale your Realtor can and will need to negotiate with the holder of the second mortgage note. Typically the second lien holder will lose money, and in the past have sometimes been difficult to negotiate with. The bank will have final say over the accepted contract.
The current financial and mortgage environment work in your favor. The Congress as well as lenders, Realtors and the general public, all have a raised awareness of the foreclosure rates and many of the banks are much more willing to help. I would contact an agent familiar with the short sale process and begin contacting your lender asap.
The Realtor will have to negotiate with the second lien holder to release it. I can't answer your specific situation with all the unknowns but I suggest contacting a Realtor in your market that has successfully listed and closed at least one short sale.
I hope you've called your bank and spoken with someone there regarding your situation. Some of the banks are renegotiating loans and aleviating the need for a short sale or foreclosure. If you haven't called your bank, you should do so immediately. If something can't be worked out, request a short sale package. You'll need to do so and you will need to write a letter or fill out a bank approved form allowing them to discuss your situation with someone you designate.
I had a mortage on my home then I took out a 2nd mortage on the house. The home was sold 4 yrs ago and the 2nd mortage was done as a short sale. Now the company that I have the 2nd mortage with are calling me wanting money. What should I do? After 4 years can they come back wanting the balance?
I had a mortage on my home then I took out a 2nd mortage on the house. The home was sold 4 yrs ago and the 2nd mortage was done as a short sale. Now the company that I have the 2nd mortage with are calling me wanting money. What should I do? After 4 years can they come back wanting the balance?
Wow. I hadn't heard of this happening before. I guess it can, if that's what was agreed to in the closing. You need to do some investigating.
First, and probably MOST important...MAKE SURE IT IS REALLY THE LENDER, not just someone who got hold of forgiven debt records.
At the same time, get out the copies of the documents from the closing of that sale, and read, (or perhaps have your real estate attorney read) those document for the relevant info on this 2nd mortgage and how it was handled. Was the short amoutn forgiven? Or was it deferred? Deferred doesn't mean that you never have to pay it, just that you can put off the payment until some time in the future.
I have an investment property with a first and a second mortgage. In a short sale the 1st will get the entire amount of the mortgage. The second will be left with a loss. Do I contatc only the second and keep the 1st mort. payment current?
what would happen in a short sale to the second and HELO's and credit card with citi mortgage and citi bank if the first with chase and less than the second.....!?
what would happen in a short sale to the second and HELO's and credit card with citi mortgage and citi bank if the first with chase and less than the second.....!?
You can't do a short sale with a second without them approving it. Look at the comments above. There are also many many threads in this forum on that topic.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.