Posted by Ed Garcia on January 14, 2001 at 11:27:34:
You don’t give us a breakdown of each mortgage. You also don’t give us the amount of the tax liens or mechanics liens for the new roof. You state that you are carrying a large 2nd. That could mean that the lender holding the first mortgage is sitting in a good equity position, and has no need to discount. If the first should foreclose, it would wipe out your second, as well as the mechanics liens. In order for the lender to do a short sale, they have to be convinced that they can’t retail the house and salvage their position.
You also tell us that the lady who purchased your home is paying on the first mortgage, and has put their foreclosure on hold. Once again, not only do they have no need to short sale, they can’t foreclose, unless the lady gets delinquent again.
Linda, speaking of foreclosure. That’s what you better do before it’s too late. Why wait for the lady to get behind in the first, and then you’ll have to cure the first. Foreclose now, forcing her either to pay you or surrender the house to you before she gets to far behind on the first.