If you have late payments showing on the credit, you will only be looking at hard money loans and these will onerous terms. You also need a 6 month plan to be out of that loan. I would advise extreme caution with anyone who says they can definately help.... more
A second mortgage increases the "degree of difficulty" for any short sale transaction because the lender of the second mortgage needs to sign off. This normally transulates into accepting the loss of money, something banks are not agreeable to.
I currently have a couple of SS listings with Chase, one on the second mortgage and the other on the first. The issue with the second mortgage is just getting a negotiator assigned to the file, which has been a real challenge. The other loan is going along OK for now. The one consistency in the short sale process is that there is NO consistency!
Depending on who is working the file seems to have as much to do with it as to who the lender is. Good luck!
Good morning Jackie, my preference would be the Bridgewaters. Nice rural communities, but a short run up Rte 24 to Boston and an easy trip to Fall River. In general, I think Bridgewater or East Bridgewater will offer you affordable housing with a real sense of community.
Let me know if I can be of any other help. I can easily set you up with access to all Multiple Listings in these areas so that you can begin your search from Oregon.
J. O'Gara Realty.com