Doing a Short Sale with 2 Mortgage Holders??

 

Most homeowners in our area are facing tough times with job loss, divorce, ballons on their mortgage, and inability to pay and keep up with their current mortgage.

There are a few options most would recommend. Primarily most people in this state go with the option of doing a short sale, but some homeowners have multiple mortgages (liens) on their home which can make doing a short sale a little more interesting.

So, most wonder since the first mortgage company is in the first position, how does the second mortgage ever get paid or settle at the time of having the banks accept less than what is owned on the home. The answer isnt always easy.  Usually getting the first mortgage company to settle can be easy, but when it comes to getting the second mortgage company to settle it takes good negotiating skills, whcih should be left for your real estate agent to do. Generally the second mortgage holder only gets $1000, or in some cases more depending on the situation, but when negotiating its always best to try to get the second to settle for least amount to improve odds of getting the short sale fully approved.

Check out www.KalamazooCountyShortSale.com for a live video of a brief overview of a short sale.

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About Buying Kalamazoo
Matt Mulder is an award-winning real estate professional in South West Michigan as well as leader and CEO of the #1 Real Estate Team in the area. The Matt Mulder Home Selling Team consistently helps over 300 families a year with their real estate needs, and would love to help you buy and sell as well! Matt launched his career in 2006 at the age of 23 being one of the youngest professionals in the area, after graduating from Western Michigan University with a degree in Business Management. Through hard work, persistence and devotion to great client care, Matt has grown to be in the top 1% of real estate professionals in the world. His determination to treat each client with the same care and respect, no matter what, has catapulted him to the top of his game. Using tried and true methods, as well as a proven systematic approach, Matt and his team are committed to making sure each and every person is 100% satisfied with their buying or selling experience.

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