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Updated almost 16 years ago on . Most recent reply

Alex Locklear's profile image
Alex Locklear's profile image
Alex Locklear
  • Investor
  • from Cary, NC
  • Member since Aug 13, 2008
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218
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Alex Locklear's profile image
Alex Locklear's profile image
Alex Locklear
  • Investor
  • from Cary, NC
  • Member since Aug 13, 2008
Connect
Alex Locklear
  • Investor
  • Cary, NC
29
Votes |
218
Posts
Foreclosures

2nd mortgage in a short sale

Alex Locklear
  • Investor
  • Cary, NC
Posted

I'm getting ready to start a short sale package. The owner has a first mortgage of 344K (including back payments, lawyer fees, etc) and a second HELOC of 135K. House was appraised in September of last year for 620K. House has been listed with a realtor for 550K, then reduced to 525K. The realtor, however, has not tried for a short sale.

What happens to a second mortgage on a short sale? Is this usually wiped out or does a whole different foreclosure take place?

Thanks

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