Personally I do not make any assumptions on any short sales. I have seen the same lender react in very different manners. I have seen 2nd lien holders ask for up to 50 percent of the second lien. I have seen many demands for the conversion to an unsecured note as well.
Please listen.
The final terms of any short sale for approval will vary and are independent. Don’t lump them together. Don’t make any assumptions about what a seller can or cannot do.
Another thing. I have seen second lien holders increase demands for lien releases. What has not been discussed here is that many seconds have been totally charged off already. So if I am a second lien holder and I have already charged off the loan why should I take the 3k offer from the first when I can shoot for 25k? So what if it forcloses? The first can have it because I have charged it off anyways.
sdrealtor has done a lot of shorts so he may see different things. All I know is don’t make assumptions.
