Mar 12, 2009

Tip 9-2009: Short Sale Alert

Short Sales – Make sure whoever is negotiating the short sale for the primary lender is also negotiating for all outstanding Deeds of Trust. If the Seller has both a first and second lien, a short sale package should go to both lenders. Even if the same lender has both the first and second loans, do not take for granted that the negotiator for the short sale of the first deed of trust will also be approving the short sale for the second.Verify in writing that the short sale negotiator is handling both loans. Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.

1 comment:

  1. I think this is a valuable tip. The issue about the second mortage could be easily overlooked. One more thing to make it part of the check list.
    I believe this tip should be published for the benefit of many.

    Olga Morse,
    Homes and Land Realtors
    Publisher, Forward-Adelante