Re: To Short Sale or Not To Short Sale
Posted by steele in minnesota on May 06, 2008 at 18:06:30:
In Reply to: Re: To Short Sale or Not To Short Sale
Posted by Orion on May 05, 2008 at 08:34:05:
Perhaps it is different in your area but no 1st I know would go for that. They would dictate what the 2nd could get and it wouldn't be 50%.
National averages that I have seen are in the 5-10% range. If they were lucky, 20%.
Yes, they can always say "no" and then take the chance of losing all.
In a recent meeting with a lender short sale mitigator she said that if they hold the 1st the average payoff to the 2nd is a flat $1,000. And that they do it all the time.
FWIW
Steele
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