If history is taken into account, you hopefully realize this is more lip service than solution!
Yet we can hope for the best, Right?
When dealing with second position lien holders, the whole short sale process becomes a nightmare, thanks to the ego’s and unrealistic expectations of these lenders. Simply if you are involved with second lien holder in a short sale you should have certain expectations, just as much if you have Private Mortgage Insurance (PMI) attached to your loan.
Lenders are commonly adding a promissory note to these transactions, but the good news is that with the right help you can negotiate better terms as long as they are realistic, and this is where experience pays off. Simply put, learn to expect it..
The below link speaks more specifically regarding modifications to second position loans….. <<SPOILER ALERT>> cross your fingers, spin around 1000 times without stopping or falling before you have a shot at getting one of these to really go in your favor, unless the second position loan is with the same servicing company or investor for which there may be hope if you fall in the latter category.
Read the article, and feel free to give Brady Pevehouse a call at (407) 374-3123 to discuss what you might expect regarding your specific scenario. It will not be a joy ride, but I bet you already guessed that! No two scenario’s are the same but there are trends that can be seen.
If you are curious about short sales available in your area, please visit our Orlando Foreclosures or Brevard Foreclosures Page to view details about real estate & short sales by city / community or you can visit the community pages directly. Here are just a few samples of our pages.
Avalon Park Real Estate
Avalon Park Foreclosures
Avalon Park Bank Owned