It is very interesting to observe the first mortgage taking a stand and trying to set the limit on the amount of cash that the second mortgages are allowed in the short sales.
The seconds are sticking tight and daring the first to foreclose. In many cases, the first is foreclosing – which helps nobody. But….the seconds are holding their ground.
The government, of course, will have to intervene shortly since the children (the banks) can’t work it out for themselves.
Keep your eyes open for illegal activity – and if you are going to do a short sell – make sure you have a pro as a Realtor. No matter where you live, I can refer you to one.
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