should you bother to short sale a property if the 1st and 2nd is held by the same company? I was told that you shouldnt even bother…can anyone explain this?
Well… no. I was told to treat it as one loan.
If the property is upside down… whether due to the market or damage… it should make a good short sale candidate… regardless.
I agree - just one loan. I am sending the short sale package tomorrow to a bank that holds both notes for $376K. I’m offering $244K… we’ll see.
By the way, they already hinted that there is no expectation to get anything for the second anyway.