Second mortgage in a short sale

Posted by lily on October 24, 2006 at 19:26:33:

I made an offer on a house that has two mortgages. My offer is less than the total amount the sellers owe. It does not completely cover the first and it covers nothing of the second. The first mortgage holder is fine with the deal but the second is refusing to agree. Can you tell me what the next step is -- can the second bank foreclose and sell the house at auction? Do you know if I will be able to try to buy the house before it goes to public auction? I am in Pennsylvania. Thanks!

Follow Ups:

• Re: Second mortgage in a short sale - TheShortSalePro 06:24:27 10/25/06 (0)
• Re: Second mortgage in a short sale - Bill H 20:44:40 10/24/06 (3)
  • Re: Second mortgage in a short sale - steele in minnesota 03:45:48 10/25/06 (1)

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Comments:
: I made an offer on a house that has two mortgages.  My offer is less than the total amount the sellers owe.  It does not completely cover the first and it covers nothing of the second.  The first mortgage holder is fine with the deal but the second is refusing to agree.  Can you tell me what the next step is -- can the second bank foreclose and sell the house at auction?  Do you know if I will be able to try to buy the house before it goes to public auction?  I am in Pennsylvania.  Thanks!

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