Re: Sale date was today, am I out of options? Help!

Posted by steele in Minnesota on June 20, 2007 at 12:54:35:

In Reply to: Sale date was today, am I out of options? Help! posted by Steve on June 20, 2007 at 12:03:44:

With 75 days avaiable you can definitely try and sell for what you can. It will need to be clear that any sale is subject to lender approval. I would try and sell at a lower price to get an offer in and then go to both lenders. I am sure the first mortgage is feeling pretty secure right now but the second should be open.

We have a longer redemption here in Minnesota but I regularly see things worked out with first and second mortgages during redemption. No guarantee but as you suggested there is nothing to lose by trying and it would be better for you. Try it at a lower price and see if you get any action.

Steele

Steele V. Propp
Foreclosure Specialist/Loss Mitigator
Schatz Group GMAC Real Estate
Minneapolis, MN
steelep@aol.com

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