Please help. I have a short sale and the ARV=$700,000.
1st mortage is $668,000
2nd mortgage is $167,000
The home is overmortgaged. How do I handle the 2nd mortgage lender if the 1st will only allow the 2nd to get $2,000 max on the settlement statement from the closing? Will the 2nd actually take as little as 2K? I thank you for your time in helping me.
Yes, the 2nd WILL take $2K in situations like that. An associate of mine did jsut that on a $199K 2nd mortgage. He offered $15K, the 1st mandated that he only give them $2K, he did, they accepted. Instant $200K in equity. (His wasn’t over mortgaged like that, however, not overmortgaged at all, actually)