I have an opportunity to make a short sale offer to a 2nd mortgage lender. The homeowner and I have both spoken with the lender and they said they would entertain the idea of a short sale.
Is it possible to do a short sale on the 2nd mortgage, catch up the first and buy the property subject to the first mortgage financing?
The seller it totally okay with the idea but I’m not sure how this could work logistically?
Any ideas?
for sure the best way to do this deal.
Hey Green do you know how the logistics would work?
Would I use a title company to then payoff the 2nd and then just keep the first and have title transfer at that time?
Yes use a title company, as the lender will want to see a certified copy of the HUD 1. some do some don’t.
catch up the first and it’s yours.
Now before doing any of it, I would suggest you get the deed first. If they don’t want to do that I would get them to sign the deed and hold it in escrow contingent on you paying the second off and bringing hte first current.
Also about that hud-1, the bank only wants a preliminary one, so you can develope your own. If you need help, i am sure someone here can here.