Sentences with phrase «2nd lien holders»

However, you are still responsible to pay those senior to you in this case the 1st and 2nd lien holders.

A buyer comes along and makes an offer for $ 290,000 which is accepted by the seller and sent to the 1st and 2nd lien holders.

A common secured product in the US is a 2nd lien holder to a home (the first being the mortgage), called a HELOC (Home Equity Line Of Credit).

In my case, the MI company of the 2nd lien holder want a seller contribution yet the seller is flat broke.

The 2nd lien holder has a loss sharing arrangement with the FDIC that will allow them to collect substantially more than the amount offered by the first lien holder under the short sale scenario.

Of course there are times that it will be impossible to make the deal work but in many cases the skill of the negotiator can find a middle ground with the 2nd lien holder.

I have exactly this scenario and wondered why the 2nd lien holder was forcing forclosure.

While I have yet to have this happen (knock on wood) I know of other Realtors who seemingly have had a situation where a 2nd lien holder has chosen to foreclose instead of granting short sale approval.

The 2nd lien holder will be able to foreclose on the property if they make loan payments to the 1st lien holder on behalf of the borrower in order to keep the 1st loan current.

If the borrower defaults on the 1st loan, the lien holder of the 1st will be able to foreclose on the property and wipe out the 2nd lien holder's interest in the property.

The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that can not be met by any party.

The 2nd lien holder has a loss sharing arrangement with the FDIC that will allow them to collect substantially more than the amount offered by the first lien holder under the short sale scenario.

When I told the 2nd lien holder that the contribution would not be on the HUD but would be disclosed in an Addendum, the negotiator's response was, «I need to check with our closing department to see if this is OK.»

I have exactly this scenario and wondered why the 2nd lien holder was forcing forclosure.

During the negotiation process the 2nd lien holder is offered $ 5000 in order to approve the short sale and allow the sale to take place.

Of course there are times that it will be impossible to make the deal work but in many cases the skill of the negotiator can find a middle ground with the 2nd lien holder.

While I have yet to have this happen (knock on wood) I know of other Realtors who seemingly have had a situation where a 2nd lien holder has chosen to foreclose instead of granting short sale approval.

The guarantee does not apply if events occur beyond the control of New American Funding, including but not limited to; appraised value, escrow or title delays, 2nd lien holder approval, short sale approval, or lender conditions that can not be met by any party.

Not exact matches

And why buy 2nd mortgages if there is a 1st mortgage or can you negotiate with the 1st lien holder to accept a discount?

What does the first lien holder do when the 2nd mortgage is sold?

Especially, with lien holders in the 2nd position.