Posted by Bill H on July 07, 2003 at 21:14:49:
In order to get the lender to do a short sale there must be a compelling reason…jusst because you want it is not a compelling reason to the lender.
The first will not “take a hit” if there is any money in it for the seller.
The first will not deal if the second and all other junior lienholders do not take a hit with them.
The first will require the HUD-1 to show who gets what…etc.
The way you put it, looks to me like the first will come out OK at the sale. The FMV of 140,000, they are owed 135K & change…would you discount if you were in their shoes?
The first really is not concerned with any other liens of obligations of the seller other than the note they are owed.
6.Bottom line: “There are strange things done in the midnight sun by the men who toil for gold…RW Service” So the worst the first can do is say NO…get your ducks in a row and ask them to short it.