Mamaguza,
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!
-MG
Message Edited by MG_in_WeHo on 09-17-2009 01:15 PM
