When doing a shortsell, can someone please explain the procedure when the property has a 1st and 2nd mortgage.
The thing to keep in mind is that the 1st is superior and, depending on the numbers involved, may not be at risk of loss so they will not likely negotiate a shortage. If the property is really upside down and they are going to take a loss they may accept a short sale but will require the 2nd to accept nothing - or some nominal amount.
Bottom line is you can’t do a deal until you get signoff from everyone.
thanks a lot for the advice