Payoffs

[Scott T.]

Look at my first deal.

Is this a Short Sale?

The homeowner holds a  155K first and 15K second mortgage. He is not in default. 

I've offered him 100K for the home. He does not have 70K to pay off the remaining balances on the 2 mortgages. 

Is this a short-sale? 

If not, what is it? 

If he agrees, how does the homeowner finance the remaining 70K?

Thank you.