I note your answer as one experienced in such matters, but for the record ... as far as both lenders are aware, the property is owner-occupied. This may make a difference in any outcome. Regardless, I am contacting both lenders today in order to try for loan modification arrangements. I have been in communication with them over the last 6 months and now it is time to actually get something finalized with them both.
Thanks for your time and valuable input.
Mo
Originally posted by Jon Holdman:
Since its an investment property, the odds are much higher the lenders will come after you for a deficiency judgment. Its certainly worthy trying to work something out with both lenders. But they're usually not that sympathetic to us investors.
As one data point, I had a short sale I made an offer on go to auction last week. It went for less than my offer. Why? For one, that avoids the lender having to pay off several small liens, and for another they slapped a big deficiency judgment onto the borrowers. It was a rental.
Sorry.
