A lot of homeowners have more than one loan against the house, often a second mortgage or a home equity line of credit, also called a HELOC. Having one doesn't stop you from doing a short sale. It just means there's an extra party whose approval we need.
Here's why. In a short sale, every lender with a claim on the home has to sign off, because each one is agreeing to accept less than it's owed. The first mortgage gets paid first from the sale, and there's often little or nothing left over for the second. So the second lender has to agree to release its claim, usually in exchange for a small payment we negotiate as part of the deal.
That negotiation is the part that trips people up when they try to go it alone. The second lender has less to gain, so it can be slower and harder to deal with. Getting both lenders to yes, and getting any leftover balance forgiven in writing, is exactly the kind of thing we handle for you.
It can add some time, and not every second lender is easy. But a second loan is a common situation, not a dealbreaker. Once we look at your details, we'll give you an honest read on how yours is likely to go. That's what the free consultation is for.
A free, confidential consultation is the simplest way to understand your options. No cost, no pressure.
Get a Free Consultation