As I said on SDL, the realtor at the open house said the loan is 1.7.
The first is 1.3.
If they got an offer for 1.3, the second would have to agree to not take any money on their 400k note. What incentive would they have to do this? Is there something hidden in the bailout bill that says take a loss on a short sale and we’ll reimburse you?
I don’t think the second is going to take that kind of straight loss. They may go for it if it’s close, like 1.5. So the first will have to force a foreclosure and then sell it for less. JM2C
