Need Short Sale Help

Foreclosures, Short Sales, Tax Foreclosures
1

I am trying to acquire a property with two liens on it. The 1st is with one lender and the 2nd is with another different lender. I need to completely wipe out the 2nd and get a little taken off of the 1st to make the deal happen.

If the foreclosure goes through, the 2nd lien holder is not going to get anything. Should I offer to settle their debt for something like $1,000 as a payoff instead of the full $10,000 that’s owed to them? Because if they don’t do the short sale, they get nothing…this way they at least get something and so they may agree to release their claim.

2

10% of 2nd lien is what I’ve been told, maybe you can start by offering $500. You never know until you ask.

3

The trick is proving you case. In my experience, if the BPO will back up your offer, then try the lower amount $500. If the second lien has documented proof that if the property is foreclosed on they get nothing, then the 2nd holder should take the $500.