I am looking to purchase a short sale property that has a second mortgage on it in Suffolk, Long Island, New York.

Asked by Csillver, East Hampton, NY Mon Aug 8, 2011

Currently we have approval from the first position lender. Does the second mortgage holder have any say in the deal, or do they have to take what the first lender gives them on the sale?

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Ron Thomas, Agent, Fresno, CA
Tue Aug 9, 2011
Too often the Short Sale falls thru because of the 2nd Lienholder:
They usually have to settle for NOTHING and they can and will make our life miserable.
If you have input with the Bank, you might be able to offer $1000-$2000 out of your pocket to hold the deal together.

Lean on your Buyer's Agent for support.

Good luck and may God bless
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Aug 9, 2011
Since each short sale is unique, consult with your attorney for answers to any questions you may have; the second lender does have some say, and your attorney can discuss possible ways to minimize the potential interference...
0 votes
Search Advice
Search
Ask our community a question
Home Buying in East Hampton Zip Codes

Email me when…

Learn more