It is then up to the Holder of the Contract to continue with the real estate purchase.....and this can also be done at the time of the real estate closing as is customary.

This is for many reasons which include (but not limited to) PMI insurance - why take a loss with a short if they can collect insurance, lack of proper systems - letting short pays not get pushed through and end up taking far less via REO (God only knows why this occurrs), and sometimes taking a loss via REO is more beneficial to the lender (note holder) than approving a short pay.My goal was to flip 25 properties this year and so far, I have done 12 with several more in the pipeline.

Requirements:PG: YesPaydex: NoCorporation accounts (minimum 5 cards) 3 years in business, $200,000 net worth, each card holder gives personal guaranty.

Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchangefor releasing their liens.

Most often I am essentially doing a short sale on the property negotiating with the primary lien holder and telling all of the juniors that the owner is getting ready to be in foreclosure and they can either take pennies on the dollar from me or get nothing on the foreclosure date due to the fact that the property is already worth less than the 1st mortgage.From time to time I run into ones that have boatloads of liens on the property but it is completely paid off so no mortgage.

The cash flow I bring in far exceeds the monthly payment I make to the 1st lien holder.

Rest assure though that the mortgage holder will go through the usual procedure first, court, auction, etc.

Who is responsible for appliances, maintenance, repairs etc24) Clauses: guest clause, inventory, pet's rule addendum, holder over, yard care, parking, failure to deliver, abandonment of property, sublets, co-tenants

Hi, has anyone had a private second holder move in on the short sale to protect their interest?

Do I contact the mortgage holder directly?