{"id":64060,"date":"2012-07-27T16:13:16","date_gmt":"2012-07-27T16:13:16","guid":{"rendered":"http:\/\/whatsthepointofaventura.com\/2012\/07\/27\/second-lien-holders-are-killing-short-sales\/"},"modified":"2019-04-23T20:50:02","modified_gmt":"2019-04-23T20:50:02","slug":"second-lien-holders-are-killing-short-sales","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/second-lien-holders-are-killing-short-sales\/","title":{"rendered":"Second-Lien Holders Are Killing Short Sales"},"content":{"rendered":"

Second-Lien Holders Are Killing Short Sales\"Short<\/span><\/h3>\n

WASHINGTON \u2013 July 27, 2012 \u2013 Second-lien holders are being blamed for derailing many short sale transactions. But a bill working its way through Congress \u2013 the Fast Help for Homeowners Act<\/strong> \u2013 would, if approved, require second mortgage lenders on federal mortgages to report their final decision on a short sale agreement within 45 days. If the second-lien holder doesn\u2019t do that, the deal would automatically be approved on the 46th day. U.S. Rep. Jerry McNerney, D-Calif., proposed the legislation.<\/p>\n

Greg Galli, a broker with Suburban Realty in Palmdale, Calif., supports the bill after seeing some of his recent short sale transactions fall through because second-lien holders refused to negotiate. He recalled one incident in which the second-lien holder refused a $6,000 payment from the first-lien holder in order for a short sale to move forward. Instead, the second-lien holder demanded $1,400 more, amounting to a total of $7,400, and all from the homeowner.<\/p>\n

\u201c(Second lien-holders) can really delay the deal if they don\u2019t want to respond, or if they just don\u2019t want to do anything,\u201d Galli told HousingWire. \u201cIt doesn\u2019t make sense. If they let it go to foreclosure, the second lien is going to lose out completely. It would make sense for us to work through the process, and then they can negotiate.\u201d<\/p>\n

Some in the housing industry aren\u2019t in favor of legislation that might push a second-lien holder to make a faster decision on a short sale. Critics argue that first-lien holders need to be more willing to work with second-lien holders on an agreement that favors both parties.<\/p>\n

\u201cI am always hesitant to force second-lien holders or any lender to do something that they didn\u2019t contractually agree to upfront, because ultimately that will add to the cost of future credit and reduce its availability,\u201d Mark Zandi, Moody\u2019s Analytic\u2019s chief economist said.<\/p>\n

Source: \u201cEvasive Second-Lien Holders Thwarting Short Sales,\u201d HousingWire (July 25, 2012)<\/p>\n

\u00a9 Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688<\/p>\n

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or solovay.m@ewm.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

Second-Lien Holders Are Killing Short Sales WASHINGTON \u2013 July 27, 2012 \u2013 Second-lien holders are being blamed for derailing many short sale transactions. But a bill working its way through Congress \u2013 the Fast Help for Homeowners Act \u2013 would, if approved, require second mortgage lenders on federal mortgages to report their final decision on<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":5555,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nSecond-Lien Holders Are Killing Short Sales - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/second-lien-holders-are-killing-short-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Second-Lien Holders Are Killing Short Sales - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Second-Lien Holders Are Killing Short Sales WASHINGTON \u2013 July 27, 2012 \u2013 Second-lien holders are being blamed for derailing many short sale transactions. 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