Mortgage short sale
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A short sale is where you agree with your lender that they will accept less money than is owed on the mortgage secured against the home. Lenders will agree to this where if they foreclose, they are going to receive less than the secured loan and in todays market, this is a very real prospect. Frequently, it is far better to agree to accept a reduced amount at closing rather than hurtling down the foreclosure route if the lender can see they will get a better return from the short sale arrangement. It becomes more complicated when there are two loans secured against the property, but in this case the second or junior lender is very probably going to end up with nothing as they only get paid after the first loan has been settled.
Coming up with a short sale arrangement that satisfies both lenders is difficult but not impossible. I can show you how to put these deals together, what paperwork you'll need and why a second lender is likely to be very agreeable to a short sale instead of
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