09-14-2009 06:27 PM
09-15-2009 05:43 PM - edited 09-15-2009 05:44 PM
09-16-2009 04:48 PM
Just get out now. Be done with it. We bid on what was an "approved short sale" like you...turns out it wasn't really approved beyond, sure, we'll accept that price. So the bank screwed around with it for a month and then we found out there was a 2nd and they wanted 30K more than our offer. We left.
Seriously...if you just found out it has a second, you're in for a LONG LONG LONG ride. Unless this is THE house that you HAVE to have, move on.
09-16-2009 04:56 PM
Oh no! The problem is, it really feels like "the house" that we "have" to have. Ahhh!!!!
Seriously, in our price range, this is my absolute most amazing favorite house I have ever seen. Its everything I have ever dreamed of!
I just have to stay in the game and wait it out and see what happens. I keep looking for other stuff, but nothing compares....
09-17-2009 08:24 AM - edited 09-17-2009 01:15 PM
What kind of lien is in second position? Is it a 2nd mortgage, HELOC, HOA dues, or mechanics lien?
If it's a second, then you will likely not have a long delay beyond the time it takes for the first to get off their butt and contact the second. If it's a HELOC, then it could be a real problem as the HELOC holder will want their money. In the case of a second mortgage, if the noteholder of the second is getting stimulus money ...they are going to settle for $3K ...unless they feel that they can foreclose and get the $$...but that scenario is a WAAAAY long shot.
HELOCs, Mechanics Liens, etc can and will sue for defiiency judgement against the owner and as such they can be manipulated into settling but the issue is that the current owner will likely not want to sign off on the deficiency clause. That would jeopardize your entire short sale and cause the home to likely go to foreclosure.
Have your realtor contact the sellers agent or escrow agent and get the details on the "mystery" lien.
I feel your pain as we have had a rather convoluted short sale ourselves but we likely going into escrow in the next few business days. <crossing fingers>.
Best of luck!
09-17-2009 04:52 PM