Discuss second mortgages with other members of our forum.
Mom of Elvis --> How can you find out if the house you have a second mortgage on is current in it's payments or into foreclosu [3 replies]
trer --> How can we slow down our culture of consumerism? [1 replies]
michael s --> Umm, Do you drink this much Coffee?? [13 replies]
looking for $$$$ --> Does anyone know how Third Party Tracers (processors for Mortgage Refunds) are paid? [0 replies]
william w --> Will a second morgtage company pay off a higher 1st. mortgage? [4 replies]
Wooly CCSBSS --> Are all MPs just property developers? Get the Mortgage paid on the second home, get it all fitted out with? [7 replies]
roving_poet --> How do guys really feel about dating moms? [1 replies]
Christina W --> I am stuck with a lien on my house that I am not entitled to pay. HELP!!? [4 replies]
Jason B --> My first and second mortgage is more than my house is worth.? [6 replies]
Ja W --> Did you know that you could not post topics questioning Barack Obama on his website? [3 replies]
trer --> How can we slow down our culture of consumerism? [1 replies]
michael s --> Umm, Do you drink this much Coffee?? [13 replies]
looking for $$$$ --> Does anyone know how Third Party Tracers (processors for Mortgage Refunds) are paid? [0 replies]
william w --> Will a second morgtage company pay off a higher 1st. mortgage? [4 replies]
Wooly CCSBSS --> Are all MPs just property developers? Get the Mortgage paid on the second home, get it all fitted out with? [7 replies]
roving_poet --> How do guys really feel about dating moms? [1 replies]
Christina W --> I am stuck with a lien on my house that I am not entitled to pay. HELP!!? [4 replies]
Jason B --> My first and second mortgage is more than my house is worth.? [6 replies]
Ja W --> Did you know that you could not post topics questioning Barack Obama on his website? [3 replies]
Second Lien holder accepted offer on short sale? What does this mean?
Posted by !!! at: 2008-03-15 09:46:42
The first lien holder did not accept the offer yet, but they informed my real estate agent that the second on did. The previous owners took out two mortgages on the house we put an offer on. Is this good news? Wouldn't the second lien holder lose the most money so it is harder for them to accept? Will the first lien holder accept the offer more willingly?
Posted by Sidney H at: 2008-03-15 20:15:48
Normally the first lienholder gets paid off then the second.
Posted by Landlord at: 2008-03-15 11:12:39
It is really good news for you. The first usually actually pays the second to accept. This is actually the very first time I have heard of this happening.
Posted by jjdriskel at: 2008-03-15 13:11:18
Good finance question! I know of an organization that gives up to $1500 to people to help them with their rent or mortgage. It's available in most US cities, I highly suggest you check it out. http://www.money-for-house-rent-mortgage.org Best of Luck.
Posted by T. S at: 2008-03-15 09:54:09
This may help put pressure on the first lien holder to accept the offer. It's usually the other way around, the first accepts, but the second doesn't b/c they usually end up with less. Good luck.