Do the math...
Posted by RSI on November 16, 2007 at 09:01:18:
In Reply to: Re: Washington State - 1st and 2nd mortgage posted by broke on November 14, 2007 at 21:24:20:
If there is sufficient equity to cover the first at foreclosure auction, then of course the 1st won't consider a short....it would be bad business to do so.
Instead, concentrate on scoring a deal with the second.
Perhaps, negotiating a short with them and/or a conversion to unsecured debt on a remaining balance might be an option worthy of pursuit.
The key is to orchestrate a deal that will satisfy the lender's business sense and not leave your rear exposed in the process.
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