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Has anyone negotiated short-sale on a property with 6-7 liens?

Posted by Avani Parikh on August 31, 2012 at 1:36am

I will be negotiating short-sale on a property in North NJ.

This property has 3 mortgages and 3 lines of equity on it + some other debts. While the market value of that property is around 400k, the total liens on the property amount to about $800k.

Has anyone negotiated something similar? Curious. Any advice is highly appreciated.

-Avani

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  • Landlord
    Ankit Duggal September 1, 2012 at 2:00pm

    Nick is right as it is a pain and be ready to pay them off the HUD. I would allocate a long negotiation process to make this deal workout so be sure that it is worth your time and effort as time is money so spend that wisely would be my other suggestion .

  • Avani Parikh August 31, 2012 at 6:08pm

    Thanks for your inputs, Nick! Lets see how this goes!

    Nick Tang said:

    Also, all junior lien holders normally get 1k to 10% of owed amount max. Also be open to paying them off the HUD as well.
    Has anyone negotiated short-sale on a property with 6-7 liens?
    I will be negotiating short-sale on a property in North NJ. This property has 3 mortgages and 3 lines of equity on it + some other debts. While the…
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