2nd Mortgage Short Sale

A 2nd mortgage short sale (second mortgage short sale) is usually even easier to do than a first mortgage short sale. The process of a 2nd mortgage short sale is similar to the first mortgage short sale but simpler. With a good short sale case, the 2nd mortgage short sale is almost always a success.

Common misconception that only a first mortgage short sale can be done

Many people are confused and think that the 2nd mortgage short sale cannot be done. The common misconception that a short sale is only for the first mortgage is a serious one. In order to understand why it is so easy to short sale 2nd mortgage, 3rd mortgage, or even fourth mortgage, you should understand the foreclosure process. This will be discussed later on this Short Sale website.

Can the short sale of 2nd mortgage be done?

Absolutely, the short sale of 2nd mortgage is simpler than the short sale of the first mortgage. In some states, 2nd mortgage short sales are more common than others. In California, for example, a California short sale with second mortgage is very common. Sometimes, you will find the third mortgage and even fourth mortgage.

How to short sale 2nd mortgage?

Once you learn how to short sale the 1st mortgage, the process for 2nd mortgage short sale is similar to the first mortgage short sale. Once you have prepared a mortgage short sale for the first mortgage, you can send the same real estate short sale package to the second mortgage company to short sale the 2nd mortgage. Similarly, you will send the same package to the other mortgage companies to short sale other mortgages.

The only differences between the process of first mortgage short sale and the second mortgage short sale are specific letter to the mortgage companies and the amount of mortgage debt settlement offered.

Why would a second mortgage company allow a short sale?

Most second mortgage companies will allow a short sale because if the first mortgage company forecloses on the homeowner, the second mortgage will be wiped out. That means, if the home goes to foreclosure, the second mortgage company will have nothing on the homeowner anymore. So, most second mortgage companies would rather take something now than nothing at the end.