Lots of things are different. The seller gets $3K relocation. The 2nd losses alot of their rights. Deficiency balances must be waived and many times the 2nd lienholders have recourse they dont want to give up. Sometimes the loans have mortgage insurance on them and the investor wants to wait until they are deliquent enough to collect on the insurance before approving the short sale. There’s more but those items pop to mind immediately.
