How to deal with 2nd Lender in Short Sale? - Posted by L Shaw NC

import · January 13, 2004, 1:00pm

Posted by TallMan on January 13, 2004 at 15:31:28:

A foreclosure sale would probably wipe out the second lien. Let them know that unless you can get the numbers to work for you that they are looking at foreclosure. They should be willing to work with you.

import · January 13, 2004, 1:00pm

Posted by L Shaw NC on January 13, 2004 at 14:00:46:

Hello All,
I’m in negotiastions with 1st position lender (Providence Bank) to short sale on a $98k balance.

If the 1st position lender and I come to a deal, how will the 2nd position lender (CitiFinancial) with a $18k balance view this?

1st - $98k and I offered $55k (house has little damage though)

2nd - $18k

Comps - $124k

Exit - Retail

Thank you all.