Hi everyone, can someone who has been doing s/s for some time tell me if I can s/s a junior loan when the first one is not in foreclosure…also the house is not run down so I can’t use that as a reason for the bank to s/s it. Thanks.
What will be the incentive for the second to accept a short sale when their position is safe? Did the second file a NOD? They would only do this if there is a lot of equity, they would have to pay the first to foreclose… They can also file a personal law suit direclty w/ the borrower.
Ypu don’t provide enough info on valuation and loan balances to know the answers. Whether the house is run down or perfect doesn’t effect the ability to SS. It is all tied to the FMV compared to the loan balances.