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  1. #1

    Default Foreclosure in Process, Second Mortage Lender Won't Agree to Short Sale

    My question involves a mortgage in the state of: CA

    I am the co-owner of my mother's house. I have been unemployed since November 2010 and has impacted deliquency on mortgages as well as other bills. We can no longer afford the house so my mother & I have decided to see an agent who has listed our property as short sale only to avoid foreclosure. Unfortunately, there is a 2nd mortgage involved and company refuses to cooperate with the process of selling our house. So as it stands now, currently were in foreclosure. As we were told by our agent, the house cannot be sold unless 2nd mortgage company is willing to work with us. Our agent has done all he could and after talking with him yesterday, it sounds like all hope has gone out the window.

    Is there any other way to convince the second mortgage to accept this deal of short sale? There is no more money to give out of pocket. Any suggestions or advice would be greatly appreciated.

  2. #2
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    Default Re: Foreclosure in Process, Second Mortage Lender Won't Agree to Short Sale

    Generally the way to get the second mortgage lender to reconsider is to offer them more money - that could mean a higher sale price, or it could mean the primary lender agreeing to allocation the payment such that they take less and the second mortgage lender gets more.

  3. #3

    Default Re: Foreclosure in Process, Second Mortage Lender Won't Agree to Short Sale

    Thank you so much. I appreciate the advise. I will suggest this to my agent if he even thought about it this way.

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