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How do I work out a shortsale with a 2nd that has charged off?

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souxxy Joined: 29 Sep 2009 Posts: 3 1.62 Dollars($)	Posted: Tue Sep 29, 2009 11:51 pm    Post subject: How do I work out a shortsale with a 2nd that has charged of Like 0 Dislike 0 I am working on getting a shortsale approved and currently going thru phase 1 of the process with the 1st lien holder and the 2nd lien holder has recently charged off. I have been trying to do this for over a year now and after both approving the shortsale 6mo's ago, it fell off because I am working with two banks and each had different time frames and when one approved the other wasn't ready and vise versa. After 5mo's of 1st lien approval expiring, finally my case is assigned and now the 2nd charged off. its been very frustrating, stressful and charge off dept said they cannot take initial payoff.
manoj_gopale Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)	Posted: Wed Sep 30, 2009 12:11 am    Post subject: Like 0 Dislike 0 souxxy welcome to mortgagefit.... Yes I can understand the frustrating situation of the situation.We all are part of the this economic downturn.So let us face it with all our strength and courage. I think you just wanted to vent .... so you haven't asked any question...OK.. keep in touch....
souxxy Joined: 29 Sep 2009 Posts: 3 1.62 Dollars($)	Posted: Wed Sep 30, 2009 12:17 am    Post subject: Like 0 Dislike 0 I ran out of space . I guess my question is .. does enyone know if I can still shortsale my property, even though the 2nd charged off? or how do I get the 2nd charge off dept. to work with me?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Sep 30, 2009 2:17 am    Post subject: Like 0 Dislike 0 Hi souxxy, Your second mortgage has been charged off, which means it has been sold off to a different mortgage company or a collection agency. You will now have to work with the new mortgage company and get the short sale offer approved by them. The original mortgage company charged off your loan because they thought the debt was irrecoverable. Thus, it is expected that the new mortgage company would be more willing to get something out of the short sale than going after you to recover the loan balance. I think you need to talk with the mortgage company or the collection agency and get them to approve the short sale.

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