Mortgage Short Sale
Do you think a second mortgage company would agree to a short sale?
Rather than get nothing if we file for bankruptcy, would a second mortgage company agree to walk away with only a few thousand dollars in a short sale? We expect to sell for $ 120.00, but minus realtor fees would be $ 113,200 back, and the first mortgage company oluld get $ 107,000 so far only about $ 6,000 back for second, but we owe them $ 42,000.
You may have some leverage. A second mortgagee (lender) is unlikely to eliminate, because they would have to assume the first mortgage. All you can do is pray, but unless you are in default they are not likely to talk to you. Realtor.sailor