Posted by Bill H on July 07, 2003 at 21:14:49:
John:
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.
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The first will not “take a hit” if there is any money in it for the seller.
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The first will not deal if the second and all other junior lienholders do not take a hit with them.
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The first will require the HUD-1 to show who gets what…etc.
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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?
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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.
======>bill