The second trust deed holder is foreclosing...

The first TD (BofA) is $65K, the second (not BofA) is $245K. The second started the foreclosure. The home is valued at $305K, is relatively clean with only 15K in repairs, and that is stretching it. $3,500 in past due tax, accuring at $1,500 every six months. If I shoot for 70% LTV then I need to negotiate the second down to approx. 195K. The clock is ticking with two months to go.

I feel that this is a poor short sale candidate but I have committed to trying. Can any of the older and wiser heads help me out here? How would you approach this??

Wheelema,

Would the 2nd trust holder be willing to Cash Out at a Discount. If so, I may be able to help. Let me know.

Billtwo, 8)