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A Fourth Common Northeast Short Sale Myth: There Can Be No Liens On The Property

Northeast OH – This is the fourth inaccuracy I have seen in an article about short sales. I was this article online and noted 7-8 big inaccuracies.

You can’t get solid and accurate information on short sales unless you talk to an agent that has sold a few short sales.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

We have been involved in hundreds of short sale transaction, so we know a little bit about what we are doing. But, that doesn’t mean we know everything. This industry is constantly changing every day.

Anyways, this article said that a lender will not consider a short sale if there are any liens on the property. I know this is not true, because I have sold several short sales with liens on them.

We do short sales with two mortgages all the time. A second mortgage is simply a lien. The key is that the lien has to agree to accept what the first mortgage is willing to pay them.

We have even sold short sales that had two liens. The first lender received 120k, the second mortgage received 3k, and the third position “lien” received another 3k.

So much for the assumption that there can be no liens. I think what the author is stating is that a short sale can’t be successful if you have a 50k lien that won’t settle for less than 50k.

The second mortgage was owed around 65k. However, they agreed to accept 3k. They know that if the property is foreclosed upon, then they would get zero. 3k is better than nothing.

This is one of many short sales we have sold that have had liens and second mortgage on them. Don’t let inaccurate information stop you from short selling your home. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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