Short Sale Situation: 1st is owed less than 2nd

[Shane Schaetzel]

Good afternoon,

I have a seller who has a situation that I have yet to cross.

Seller is going through divorce, 6 payments behind, Home is vacant, typical 3 bed 1 bath home in Urban America.

1st is with Wells with approx 55k owed
2nd is with GMAC with approx 62k owed.

FMV is 115k

Seller contacted me to purchase property by Short Sale. I have to admit that I never have been faced with the situation of having a second being larger than the first.

I am looking for the best possible exit strategy on this one, also if anyone has had a similar situation arise if you could share your thoughts.

Thanks!

Shane