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sleepless in ca · 03-19-2009, 05:28 PM

Hi! My condo is on the market for a short sale. My agent is taking care of everything and hired a third party to negotiate the short sale. I trust him but just would want to know what happens to my 2nd mortgage.

Loan amount 1st lender: $305,000 ++
2nd lender: $77,000++

We're selling at $199,000. So far, have 2 offers. My second lender is still calling me at home (computerized calls). I asked my agent about this but he told me not to worry about it cause everything's being taken cared of.

Question 1: Can my second lender still foreclose the condo even if it's in the market already?

Question 2: Are there any fees (connected to selling) that we should be paying or will the lender take care of it?

Any advice will be greatly appreciated.

03-19-2009, 05:28 PM	#1 (permalink)
sleepless in ca Member Join Date: Feb 2009 Posts: 16 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Question on short sale for 2nd lender Hi! My condo is on the market for a short sale. My agent is taking care of everything and hired a third party to negotiate the short sale. I trust him but just would want to know what happens to my 2nd mortgage. Loan amount 1st lender: $305,000 ++ 2nd lender: $77,000++ We're selling at $199,000. So far, have 2 offers. My second lender is still calling me at home (computerized calls). I asked my agent about this but he told me not to worry about it cause everything's being taken cared of. Question 1: Can my second lender still foreclose the condo even if it's in the market already? Question 2: Are there any fees (connected to selling) that we should be paying or will the lender take care of it? Any advice will be greatly appreciated.