Well there is a lot more to it than that.You need to find out if any other liens exist on the property other than the two mortgages.You will then have to negotiate with the lien holders for a release in a negotiated settlement.Gets way more complex so either get an experienced short sale broker to help you or an attorney that specializes in them.No legal advice given.  

I attempted to get the 2 mortgage holders to work together but the 2nd lien holder won't agree to the amount the 1st is offering to remove their interest.Am I able to work with the 2nd lien holder to do a short sale?  

(e) Sells or offers to sell, buys or offers to buy, or exchanges or offers to exchange a real property sales contract, or a promissory note secured directly or collaterally by a lien on real property or on a business opportunity, and performs services for the holders thereof.

Jon Holder is Right on the money!

Your down payment will be the investment you have to make in order to make the house safe and the instant equity back to the note holder that provides. 

Let's not forget the Board of Directors or the stock-holders (if any), either.You then go on to make an analogy based on your pre-assumptions rather than exploring the topic properly so you understand what you're talking about.So, no - this would not be a good fit for you, nor would you be a good fit for one of our communities.

Having a home equity loan or home equity line of credit when you're trying to refinance your mortgage adds another layer of complication to the approval process.That's because the second mortgage holder, which is legally entitled to move into first place when the first mortgage is refinanced, has to agree to give up that spot to the refi lender.

Account ClosedQuestion about speaking to the lien holders.

 $38k PP on a $60k asset is more discount than I would need as a buy and holder, but it may need $20k in repairs, right?  

However, the snag comes with her mortgage holder.