I apologize in advance if this is lengthy or convoluted!
Background: Purchased a home in 2006 in Nevada using two mortgages. First mortgage was ASC and was an ARM, 2nd was SLS and fixed. Eventually successfully modified 1st in 2014. This is when I found out that the 2nd was charged off in 2012. Everyone at ASC told us to "not worry" about the 2nd since it is charged off. That worked fine until Nov 2016 when the 1st mortgage was sold to SLS. Now they hold both the 1st and 2nd mortgages. There was a principal reduction done with the modification but the property is still underwater. We have moved to Florida and need to sell this house quickly. We have been approached by an investor to buy the property but not for the amount still owed (underwater = no profit). We have contacted SLS to try to negotiate on the 2nd mortgage but they aren't budging. The county recorder still has the ORIGINAL banks on the Deed. We can't find where SLS has changed anything at the county recorder's office, so we don't know WHO holds the lien on the property. The 1st mortgage is current, never late, and well below market value. The 2nd mortgage makes us underwater.
Questions: How can we find out who holds the lien? Should we contact them if it is not SLS? If SLS won't budge, what are our options? If we buy a new house, can we do a Deed in Lieu on the old one? If not a Deed in Lieu, can we do a short sale? If SLS won't budge on the 2nd mortgage, can we still sell the house? Can they block the sale? How likely are they to do that?
Thank you for ANY help you can offer.
Background: Purchased a home in 2006 in Nevada using two mortgages. First mortgage was ASC and was an ARM, 2nd was SLS and fixed. Eventually successfully modified 1st in 2014. This is when I found out that the 2nd was charged off in 2012. Everyone at ASC told us to "not worry" about the 2nd since it is charged off. That worked fine until Nov 2016 when the 1st mortgage was sold to SLS. Now they hold both the 1st and 2nd mortgages. There was a principal reduction done with the modification but the property is still underwater. We have moved to Florida and need to sell this house quickly. We have been approached by an investor to buy the property but not for the amount still owed (underwater = no profit). We have contacted SLS to try to negotiate on the 2nd mortgage but they aren't budging. The county recorder still has the ORIGINAL banks on the Deed. We can't find where SLS has changed anything at the county recorder's office, so we don't know WHO holds the lien on the property. The 1st mortgage is current, never late, and well below market value. The 2nd mortgage makes us underwater.
Questions: How can we find out who holds the lien? Should we contact them if it is not SLS? If SLS won't budge, what are our options? If we buy a new house, can we do a Deed in Lieu on the old one? If not a Deed in Lieu, can we do a short sale? If SLS won't budge on the 2nd mortgage, can we still sell the house? Can they block the sale? How likely are they to do that?
Thank you for ANY help you can offer.