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The only purchase loan I have EVER closed on a short sale did not have an attorney/facilitator involved, nor did it have a second mortgage. I have worked on several that had attorney/facilitators and none of them closed.
As already mentioned you could contact the second mortgage and offer to pay them something, make payments, etc. If you make a payment arrangement be sure to notify your lender that is providing the first to make sure you still qualify with the new payment. Good luck,
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Your predicament is very unpleasant to say the least. In the 'Wild, Wild, West of Real Estate, known as Short Sales' anything can happen. Short sales that close are a miracle .and you are so close.
Short sales are extremely complex. Soliciting guidance from the internet will only inject further uncertainty and confusion. To add to the complexity of an already mind boggling endeavor is the protocol in play by the local real estate professionals. As the buyer, you are the LEAST significant player, least influential participant in the short sale process. Clearly you bear the great burden of consequences. This does not mean you do not have the ability to resolve the issue.
You must rely on the experience and skills of your agent to assist the listing agents team. There are short term strategies they can pursue. Before you torch everyone around you, try to get back on topic and work cooperatively towards a beneficial outcome.
Because of the very nature of short sales, the low success rate, the extreme complexity and added to all of that, the owner can choose at any time, even at the last minute, to implement their end game and bring everyone's efforts crashing to the ground. No prudent professional will leave themselves with exposures in such a high risk endeavor. You knew you would be playing for the Washington Generals when you tossed your hat into the short sale arena. They always lose to the Harlem Globe Trotters.
You failed to mention the option YOU do have of resolving this issue. It is easy to make the 2nd go away. Find out what the 2nd payoff is, do the math and chose wisely. Rather than looking for others to blame when high risk activity produces the expected liability, you should look to pool resources, efforts and energies to achieve the best possible outcome. You may find, addressing the 2nd directly will be your best option in the terrible situation in which you now find yourself.
Let me repeat, rely on your local professionals to address this properly. Please be aware, NO ONE is happy about your situation. It is when the wheels come off the wagon, and they often do, that real pros demonstrate their worth. Don't let your words and expressions create counter-intentions that will sabotage the willingness of those working on your behalf.
Short Sales , they are unlikely to get any better.
Wishing you the very best outcome possible,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041 - http://www.RealEstateMadeEZ.us
You must have known about the second mortgage existing when you read it on the preliminary title report after the escrow was opened. It was a lien on the property. Evidently, what you didn't know was whether the 2nd would accept a payment offer made by the first to the second. 2nd lenders are unfortunately the greatest problem in a short sale.
So, in terms of attorneys, there are several that specialize in real estate transactions (most of them in Monterey). I just don't know if you're going to change anything by hiring an attorney. You can't force the sellers to do anything out of their control nor can you force the second lender to act any more quickly than they act.
Your situation is unfortunate because it sounds to me as though you did not have clear enough communications from someone and gave notice to your landlord. I'd try to explain your situation to your landlord first. He/she should understand. If you really want this home, then I think patience might be your best course of action right now. It's unlikely the second lender will really force the property into foreclosure right now.
California is not a state where attorneys are used for real estate transactions so the helpful comments from agents out of state do not reflect California. There are several attorneys who specialize as facilitators for short sales whom we often hire, though. If it turns out there is an attorney who's negotiating with the lien holders on behalf of the seller, then your representative may be able to arrange a meeting with that attorney.
This may not be what you want to hear, I know. But please talk to your representative in this transaction and see if he/she can get you any more answers.
Maureen Mason, Realtor