How does a short sale effect asecond mortage without equity? thanx

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September 15 2009 - West Sacramento
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Answers (4)

Profile picture for Manuel Cardoza
The second has to agree to the short sale just like the first but they also can't come back later for more money if they do that.  This can sometimes cause the second to not agree to the short sale. 
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March 08
Profile picture for MartySwingle
2nd lenders now forfeit their right to go after you for the difference, as a condition of their approval of the short sale. An unintended consequence of this new legislation is that now there are some 2nd mortgage holders who will not approve the short sale so they can go after the homeowner later.
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October 24 2011
Profile picture for The Homs Team
The second lender needs to approve the short sale.  The first lender will usually offer the second lender $3k-$6k for what is the outstanding balance on the second to get them to agree.  This is done all the time.  If you need some more information go to http://www.shortsaleapp.com for a FREE book.

Good luck.
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February 28 2011
Profile picture for wetdawgs
When you have a second mortgage, both lenders must approve the short sale and usually the second one has to agree to subordinate to the first.   The second one does not have to agree (just at the primary mortgage holder does not have to agree to a short sale).

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September 15 2009
 

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