How to short sale when you have multiple loans-Tucson Short Sale Specialist
Hi there, I’m Shawn Polston with TucsonShortSalenegotiator.com, with Keller Williams Realty, your Tucson short sale specialists. I wanted to talk today about situations where we have multiple mortgages on a property or multiple liens on a property. The reason I want to bring it up is because you will run into people and real estate agents unfortunately that are under the impression that if you’re in that situation you can’t do a short sale. Or it’s incredibly difficult or any of those things. Well, I agree that it makes it more interesting and we will have more hurdles to overcome any time we have multiple liens on a property.
One of the things that I want to get out there is we do short sales with multiple loans on a property routinely and we even do short sales with three loans on a property. The way that typically happens is the house was purchased back in 2005 or 2006 when there were things called 80/20 mortgages. The lender would loan an 80% first mortgage and a 20% second mortgage. The way the third mortgage popped up was they actually did something like put a pool in the back yard. So now we have a third loan that was basically a construction loan to put a pool in the back yard.
We do those routinely and we also do short sales routinely where there is one mortgage on the property, two mortgages on the property, and then there are IRS tax liens or other liens. We have been successful with most of the cases with all of these different things. We have been able to work this all out with all of the different parties involved.
I wanted to get that out there to let you know if you are in that situation, and someone has told you that they don’t think you can do a short sale, please get a second opinion. I’d love for that second opinion to come from me and I’d love to take a look at your situation and see what is really going on and really explain to you how it all works. Again, I’m Shawn Polston with Keller Williams Realty, your Tucson short sale specialist and I’m here to help. Please call me with any questions or you can also fill out my short sale request form and I’ll get back to you as soon as I can. Thanks and have a great day.
