2 mortgages

Foreclosures, Short Sales, Tax Foreclosures
1

when conducting a shortsale to the bank and there is two mortgages when writing the offer. does the first bank know that you are offering the 2nd bank money someone please give me the steps.

Thanks

Kliz ???

2

the 1st doesn’t care about the 2nd or the 3rd

3

but do they need to know about it if not how do you structure it?

thanks

4

Howdy Kilz:

I have heard of 1st lien holders not discounting a cent unless the 2nd lien holder gets no more than a certain % and even zero.

5

reason why the 3rd and the 2nd should be called first. They always discount as they it’s better to get something instead of nothing. After they give you the discount I always get a confirmation in writing faxed within 24 hrs.

6

Why not just make out a Hud-1 and show everyone right up front! They always want it anyway right? That way you can get it done faster!