Posted by Ben (FL) on May 08, 2000 at 16:11:49:
I saw your response to the question above, and thought I would ask you about my current deal. FMV = $93,000 (from two separate appraisals and from my own analysis). I know I can get a new mortgage from my bank for 80% of appraised value, with nothing down.
Balance of first is $61k, 2nd is $12k, and 3rd is $18k. The owner is behind a total of $4k. I just offered the 3rd lender $4k to settle. He said he needed to check with his boss, but that they may remove the lien for $4k, but still keep owners on the hook for the rest. I plan on offering the 2nd mortgage holder $2k. Do you suggest I approach the 1st lender about a short sale, or just pay it off with my new first mortgage?