How to do a short sale of both loans are with the same bank?

I’m currently working on two short sales.

How do you work with a bank if the 1st and 2nd mortgage is with the same company?

Depending on amounts.
Firstly I would contact the first lien holder and when you ask for the shortsale package to be faxed through… ask them what is there criteria on a second lien holder, if they stipulate $500 or $1,000 then you have won a watch.

Citi have the $1,000 policy and so does GMAC


From what I understand, they are two separate departments, not 1 as some people think

From my experience, if both loans are in default and with the same mortgage company then they’ve always been handled by the same loss mitigation dept. and I’ve treated both loans as if it were one loan. I can see where it’s possible that a defaulting 1st and 2nd is handled by seperate loss mitigation departments, I just haven’t had that happen.

  • Short Sale Mike