Short Sale with 2 mortgages?

I am trying to buy a home and it has 2 mortgages, we are waiting on the 2nd bank to negotiate. Does anyone know how the process works? My last update was that they were in a level 2 phase. Why doesn't the 2nd bank just accept what the 1st bank is offering? It is either they get some or nothing.Short Sale with 2 mortgages?
dont worry about all that stuff. make your offer to the owner of the property, and the title company will insure there are no other debts against it. It is out of your hands whether the 2nd bank will accept the money or notShort Sale with 2 mortgages?
if you were a bank how much loss would you like to take? NONE! so the second bank is doing the math and they will either say yes or no. They may have a better chance of recovering in a foreclosure
When multiple parties must sign off on a short sale the less of a chance of a successful short sale,





The second may require the seller to sign a promissory note on the difference even if it鈥檚 a non-recourse loan, thereby killing the deal





Also another trend that is emerging is the PMI refusal to agree to the short sale so even if the second comes around you are not in the clear, the PMI could reject the short sale even if all other lenders have agreed since they are the ones who have to pay out
Level 2 (also called phase 2) negotiator is on the first lender when the loan is with Countrywide. I never heard of a level 2 negotiator on the second lender. They usually have one negotiator that responds quickly (usually within 30 days).





You are right. You would think that the 2nd lender will just take whatever the 1st lender gives as they will get wiped out at the auction (assuming the value of the house is under the first loan amount). However, that is not the case. The first usually wants to give 1k-5k and the 2nd wants 10% of the loan balance. BofA as a 2nd lender wants 5% of the purchase price! It is at this point that most short sales fail as most agents are not aware on how to bypass this issue. If you get to this point where the 2nd wants more than what the first wants, post a question on Yahoo! and I will answer. You might need to give me a heads up so I know you asked a question.





The following link shows you how to buy short sales. It is within Yahoo! Answers guidelines as it answers the question and is not a solicitation for business:


http://activerain.com/blogsview/1070569/鈥?/a>
uh...because YOU are on the hook here; not them. If they aren't happy, YOU get tagged with a deficency balance.





If they nuke the sale.....they get whatever they can...from you.