Hello investers,
Newbies here. Looking for buyers and mentors. :help
We have a pre-forclosure with liens (3/1 on 0.45 acre worth 250K).
Anyone know how to go about wiping out the liens so we can shortsale?
Great rehabber!
Property in Suffolk Co. LI NY.
This can be done, just let us know how, please?
Last I knew, you have two options. Option #1: pay off the liens before going into the short sale. Option #2: Get the lienholder to “forgive” the lien (rarely happens for obvious reasons).
If you start a short sale with other liens, then the primary mortgage holder will negotiate with the other lien holders. This can add months to the short sale process and even kill it.