How long does a short mart embezzle next to two loans once the first mortgage loan have already agreed?
We recently put a bid on a home that is surrounded by short sale and has be in short sale for 7 months in a minute. There is a total of three offers, my offer one the highest. We were only just told the first morgage lender already accepted the short sale and set here payoff but we are still waiting to hear back from the 2nd morgage lender? Does anyone know how long this can normally nick and what the process is from there to closing? Thanks for any info. you can give!
Answers:
conceivably never.
Short sales are the hardest to close. The 2nd lender doesn't have to reply. Most expected they are being totally cleaned out. Why should be reply. If they don't and it goes into foreclosure, afterwards they can come after the borrower.
Unfortunately, you may never have an answer. Say you offered $500K on a house with a first loan of $550K and a second of $50K. The first lender will acquire a good portion of their investment back....surrounded by comparison to the second lender. Second lender will get nothing. There is no help for the second lender to agree to accept nothing. The second lender could in truth foreclose, take the house back by paying stale the first, and then sell it.
I'd suggest you preserve shopping and find another house to pursue. Without lender approval (both lenders) you should be under no obligation to dawdle around. If it works out later on and you haven't found another property, then pursue it. Source(s): www.getREadvice.com
the first mortgage is usually the smooth one, as they get paid past its sell-by date first. Is there anything left for the second? If not, next why would they approve it?
What are the numbers? 1st, 2nd, and amount offered?
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Answers:
conceivably never.
Short sales are the hardest to close. The 2nd lender doesn't have to reply. Most expected they are being totally cleaned out. Why should be reply. If they don't and it goes into foreclosure, afterwards they can come after the borrower.
Unfortunately, you may never have an answer. Say you offered $500K on a house with a first loan of $550K and a second of $50K. The first lender will acquire a good portion of their investment back....surrounded by comparison to the second lender. Second lender will get nothing. There is no help for the second lender to agree to accept nothing. The second lender could in truth foreclose, take the house back by paying stale the first, and then sell it.
I'd suggest you preserve shopping and find another house to pursue. Without lender approval (both lenders) you should be under no obligation to dawdle around. If it works out later on and you haven't found another property, then pursue it. Source(s): www.getREadvice.com
the first mortgage is usually the smooth one, as they get paid past its sell-by date first. Is there anything left for the second? If not, next why would they approve it?
What are the numbers? 1st, 2nd, and amount offered?
Related Questions: