Do second and third mortgage holders generally require the same paperwork as the first mortgage holder when approached with a short sale offer (or will they agree to a loan discount with limited paperwork if they are aware the first mortgage is foreclosing)?
Do you contact the second mortgage and just ask what their short sale requirements are?
Lastly, do lenders generally require that a property be listed for sale or recently listed for sale prior to the approval of a short sale offer?
I thank you in advance for any guidance.
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you can use 1st foreclosure noticed filed with county to justify sencond discount and you may want to send the hardship letter and your offer bearly to cover the first and little bone for the sencond and third.
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Big banks like Wells Fargo want the home listed with agents and they require listing agrrement current and they will ammend it with their modifications (1 page).
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You will have to act fast and tell the second and their do to act fast depending on where you are how much time you have. You will need letters from second and third to be sent to first for title clearance purpose and final approval of SS.
Good luck.
DFW