2nd mortgages killing short sales

October 13, 2010

For many of you, this article will be particularly interesting. It deals with short sales who have a junior lien (second, third, etc). These second lien holders are killing short-sale deals if the Realtor doesnt agree to reserve funds from closing for them, OFF off the HUD, which is clearly illegal. Many agents we work with have actually had second lien holders kill deals when they refused. Here’s the article:

http://www.cnbc.com/id/34877347

In contrast, when you refer a short sale listing to us, since we buy the first mortgage, we then are able to foreclose out the junior lien, and thereby take away any leverage they have. In many cases, rather than foreclosing we buy their note for literally pennies on the dollar. Either way, they do not have the leverage with us that they have with you, when you are trying to get their cooperation on a short sale.

If you’ve got a short sale that’s not moving, sell to us. With walkawaytoday.org, there is no more dealing with the short sale department. No more second mortgages holding you hostage. We deal directly with the banks legal department

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