When negotiating a short sale with the second mortgage holder,
do you have to submit a complete short sale package? If not,
what steps are usually required?
Your best bet is make sure it’s a short sale you want…Or a note sale…However, the more supporting evidence you can give to your claim to make lender want to do discounted sale the better off you’ll be.
*Detail list of repairs and expenses
*Pictures showing how bad it really is (But don’t over exaggerate)
*Percise proposal of funding and how quickly
If they can see value to your proposal they’ll accept it…But some lenders don’t neogitate…
Good luck!
Kathy
Here is what USUALLY work…
You send the notice of foreclosure from the first along with your low ball offer and hud1 to sencond lien holder.
In your letter say you are about loose everything…and ask for 90% discount on their amount.
Once they approve the short amount then send that approval to first and negotiate at that level.
If you go directly to first… theyw ill say to go negotiate with second… becuase they don’t have to loose anything.
DFW