short sales 1st and 2nd

Foreclosures, Short Sales, Tax Foreclosures
1

If there is a first and second mortgage on a home you wish to short sale, can you arrange one short sale package for both mortgages or do you ave to arrange two packages while spending double the time negotiating with “two” lost mitigation departments?

2

All the same documents should be sent to both lenders. Offer the 2nd mortgage $1000 and make sure it is in the HUD-1.

Yes, you will have to deal with 2 loss mit departments and spend double time negotiating with both.

3

So you offer $1000 on any 2nd no matter what?

Thanks for your input

4

Depends on the amt on the second. If u have the capital, u might want to purchase the second. If the 2nd is substantial, that’s where your profit is.

5

No capital in these pockets. $1000 it is!

thanks again