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Updated about 15 years ago,
Short Saling with a 1st and 2nd
I'm just looking for a little bit of clarity from the experienced... I'm a bit confused on how to handle a short sale that has 2 mortgages. I'll give na example: John Doe has a house that has a first mortgage of 200k and a second of 50k.
1. Who do I contact regarding the short sale? And if it's both, which one do I contact first?
2. I imagine the second is much more willing to play ball considering they have the most to lose, correct?
3. The short sale package gets delivered to whom?
This may be a stupid question....just need a little bit of clarity.