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| Short Sale Outpost The term "short sale" is very popular in today's mortgage and housing market. There are potentially millions of people facing foreclosure and a lot of these homeowners are under water on their mortgages. Some will choose to stick it out and fight. However, many will decide to choose to walk away. Short sales are becoming more and more popular as an exit strategy for homeowners. Learn the methods, software and magic it takes to navigate the foreclosure process and get the help you need. |
This is a discussion on question on a short sale within the Short Sale Outpost forums, part of the Foreclosure Process category; Does anybody out there know what will happen if you short sell an investment property with Chase and there is ...
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| Junior Member Join Date: Oct 2009
Posts: 4
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | question on a short sale Does anybody out there know what will happen if you short sell an investment property with Chase and there is a second mortgage of $45,000.00. with another bank?? Can that second bank come after our primary residence or will we be protected if Chase accepts the short sale? |
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| Senior Member Join Date: Oct 2008
Posts: 635
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: question on a short sale In order to short sell a property BOTH loans have to release liens and agree to short sale. Generally what happens when there is a 2nd lien on the property you have to settle with the 2nd in order for short sale to proceed. If 2nd doesn't release lien, short sale will not happen. |
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