I have two mortgages on my house with 2 different lenders, 1st and 2nd. how do ones goes about short sale when they have 2 different lenders?
Could someone pls explain and also how does short sale effect my credit for future house purshases? I want to be sure before I decided to short sale my house.
Thanks
First off I don’t think the lenders will let you short sale your own property. Why should they? They have a contract with you to pay the loans. If you need to do a short sale find an investor in your area, they will be happy to help you.
with 2 loans, you have to negotiate with both lenders. Submit a package to each, etc.
This is a regular process.
I’m not short selling my own property…i just wanted to know how it would work cause I have 2 mortgages…i know someone else would have to buy it from me…
but could anyone tell me about the effects it causes on your credit…Has someone done a short sale on thier home and bought another home with the short sale on their credit…