| 580b Clarification
Can anyone clarify the following question. I am currently in negotiations with BofA regarding the short sale of my home. I have a 1st and 2nd, neither have ever been refinanced and the 2nd IS NOT a HELOC. The investors are asking for a significant amount of money in cash and promissory notes. Before I go toe to toe with them on the negotiation, I want to make sure 580b covers my situation. My negotiating strategy is to offer them a total of $10,000 towards closing to be split between both loans, otherwise I will let it go into foreclosure and they collect nothing and have the added costs of forelclosure. Does this sound right?
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