second mortgage offers a DIL


Posted by Nicole on February 24, 2008 at 21:29:13:

Need advice....had an offer on a short sale, 6 months later (and two days too late) the first sends approval for the short sale. Second mortgage never responded, and was sold to another company who just called me. Told them the story, told them the first would not accept a DIL due to the second, but I had an accepted short sale that paid the second 3K (but now have no buyer, of course) and I asked what it would take to satisfy the loan and try to short sale again if the first would extend the date? The new owner of the second mortgage offered to do the DIL and negotiate directly with the first mortgage. They asked me to send the packet to them that I sent to the first and the original holder of the second. They told me if it was accepted, a lawyer would arrange the paperwork, I would sign some papers and hand over the keys. This is not usual, is it? Is this legitimate? Do you think the first will go for it? Or is this a scam? I have read that some companies will try to do this and then try to get the first and second balance wrapped up and charge you with a deficiency for anything they cannot get at a sale. Any advice and insight is appreciated. TIA.


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