If there is a short sale and the first agrees to a lesser amount and second doesn't, then what?
Can one negotiate w/the first and first accepts, what happens to second?
If it goes to foreclosure and first accepts less that what is owed, what happens to second?
For a short sale to go through, both the first & second have to agree/approve. Often time, the first will offer the second a token amount ($1000) to agree to the sale. If the second does not agree, the first then forecloses & the second gets nothing.
Since the $1000 is a small amount of money, it can go either way.
What I don’t know is: if there is a tax lien on the house, will the lien remains after foreclosure ?
