Is It Possible To Do A Short Sale With Multiple Mortgages On My Home?

My First Short Sale

Thank you for visiting us today; I’m Kevin Kauffman and this is Fred Weaver. We’re Group 46:10, one of the premiere short sale and real estate groups in the Phoenix area and also in throughout the nation. We have the experience and skill you need to help you avoid foreclosure and short sell your house. In the previous four years we have helped hundreds of homeowners out of a tough financial situation and we’re here to assist you, too.

Have you ever wondered if you can do a short sale if you have multiple liens on your property? We get asked this question quite often and the answer is yes. A huge majority of the short sales that we do have multiple mortgages on them. It’s a legitimate question to wonder if a second lender will even consent to a short sale, but the truth of the matter is that second lenders are not really in a good position. If they were to foreclose on the property, the first lender would get all the funds because the first lender, in a majority of cases, is not even getting paid off in a short sale or foreclosure.

What we recommend you do if you happen to be in this situation is talk to a practiced real estate team that has practice in short sales, such as Group 46:10, to talk with you more. We can help you determine what your home is worth and if that value is going to pay off the first lien. If it would, than you would only have to do a short sale on the second lien. More often than not, however, that second lender and the first lienholder are going to have to agree to a short sale. The good news is that the first lender will actually permit your second mortgage some money in the transaction, meaning you don’t have to bring any money to the closing.

If you want more information, please fill out the form on our website or give us a call. Group 46:10 can help you with all of your short sale needs, so please contact us today. We look forward to working with you on short selling your property.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

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