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??