Mar 3, 2009

Tip 3-2008: More Short Sales

More Short Sales:

If the Seller has a second mortgage and/or home equity loan, that means another lender needs to approve the short sale. Also, depending on the facts, the holder of the first mortgage may not agree to any discount, which means the second lender may have to take the full discount. This is still possible, because the alternative may mean that the first lender eventually forecloses resulting in the second lender getting zero. Remember to allow plenty of time in the contract for all this to be negotiated.

If you should have any questions, please feel free to call me at my direct number 434.951.0858 or my cell number 434.981.1946 or email me at

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