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Tag: short sale with multiple mortgages

You Can Do A Short Sale With Multiple Liens Against Your Home

September 4, 2012

Hi there, Shawn Polston here with TucsonShortSale.com in Tucson. I wanted to talk to you today about short sales with multiple liens on the property. A lot of people have multiple liens against their property whether it’s two mortgages, a mortgage and a HELOC, a mortgage and a judgment, a mortgage and an IRS lien, etc. One of the saddest things I see is they will talk to a real estate agent that doesn’t know anything about short sales and they tell the homeowner that they can’t do a short sale with multiple liens on the property. What the real estate agent should be telling the homeowner isn’t, "You can’t do a short sale" they should be saying "I don’t know how to do that" and then get you to someone that knows how to do that. We handle these situations all the time and have very easy processes to deal with most every type of situation. Some situations can get a little difficult as far as how they’re going to turn out, however we have written processes for how to handle these as well.

We actually have a short sale closing soon where there was a Wells Fargo first mortgage, Green Tree second mortgage, a different Green Tree department for the third mortgage and the house was worth less than what the first mortgage was owed, so it was a short sale for all three mortgages. Not only were we able to negotiate the short sale with Wells Fargo, we were also able to successfully negotiate on both Green Tree mortgages and get full releases from all three of the mortgages.

Again, here’s the thing, there are people out there right now that are getting bad advice from a real estate agent about doing a short sale with multiple liens. Make sure you pick up the phone and give us a call because we can direct you on how to best handle these problems. We want to go over your situation with you and make sure you are aware of all of your options, so please give us a call or fill out the short sale information request form on our website. Thanks again for coming to TucsonShortSale.com

How to short sale when you have multiple loans-Tucson Short Sale Specialist

May 15, 2012

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.

Do You Want To Do A Short Sale With Multiple Mortgages? We Can Help You!

March 19, 2012

Shawn Polston here with TucsonShortSale.com at Keller William’s Realty in Tucson. We’re Tucson’s top short sale team. Today I wanted to talk to you about short sales with two loans.

First of all I wanted to let you know that we are more than happy to take these files on. It’s not uncommon that I have a client that has two mortgages on their property. They may have talked to some other real estate agent that has told them they don’t handle those or they gave them the impression that the lender doesn’t allow short sales with more than one mortgage.

We get short sales with multiple mortgages done all the time. Whether the situation entails both mortgages with the same lender or the two mortgages are held by different lenders, we can get these completed for you.

We’ve also dealt with situations where there have been three mortgages on a property and were also successful with that situation. We have experience in dealing with many different types of situations: two mortgages and an HOA lien, two mortgages and a judgment or two mortgages and an IRS tax lien. We are very familiar with how to work out all of these options, who the parties are that we need to speak to in order to get these things resolved and how things work together.

I would love the opportunity to sit down and discuss your situation with you and really explain the options and expectations of going through the short sale process with multiple loans. I’m sure you have more questions, so please feel free to check out the other videos on my website, call me, email me or fill out the Short Sale Request form at the top of my webpage. I look forward to speaking with you about your financial situation and helping you determine if doing a short sale is in your best interest financially.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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