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merima   zeh…, Renter in Nashua, NH

put house for short sale ..there is 2 mortgage involved how will they split money ????

Asked by merima zeher, Nashua, NH Wed Sep 7, 2011

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Usually the first lender has a percentage that they will offer the second, and a percentage that they will accet themselves. If it is the same lender, you have a better chance. Do not confuse "servicer" with lender. The servicer may not tell you who the lender is - especially if it is a MERS loan. Short sales take a lot of expertise - choose your professional carefully.
0 votes Thank Flag Link Wed Nov 9, 2011
Everything depends on whom the loans are with. If both mortgages are with same lender and servicer it will be easier. If not, then the first mortgagee will negotiate with the second lien holder for the discharge. Lenders are becoming more easy to deal with on the short sales if provided with a complete package upfront. If you are in the situation of trying to complete a short sales you need to understand the process. Feel free to visit our web site it has a lot of good information for you on it. We would be happy to meet with you to discuss.

Best of luck,

Eric Erickson, CDPE
0 votes Thank Flag Link Wed Sep 7, 2011
Everything depends on whom the loans are with. If both mortgages are with same lender and servicer it will be easier. If not, then the first mortgagee will negotiate with the second lien holder for the discharge. Lenders are becoming more easy to deal with on the short sales if provided with a complete package upfront. If you are in the situation of trying to complete a short sales you need to understand the process. Feel free to visit our web site it has a lot of good information for you on it. We would be happy to meet with you to discuss.

Best of luck,

Eric Erickson, CDPE
0 votes Thank Flag Link Wed Sep 7, 2011
typically, the first mortgage will allot an amount of money which they will allow to be paid to the second . this will be negotiated by the person handling your short sale. The lien holder who owns the second mortgage will either agree to accept that amount or not and kill the short sale.
good luck-
Paul
Web Reference: http://www.lynnforsale.com
0 votes Thank Flag Link Wed Sep 7, 2011
No guarantee they will. 2nd lien holder could pose a problem. Has you approched both lien holders yet?
0 votes Thank Flag Link Wed Sep 7, 2011
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