Many short sale sellers have both a first mortgage and a second mortgage (an equity line, for
example) or other liens (HOA liens, for example). In order for the sale to close all lien holders must agree to accept less than owed. Often (but not always) the first mortgage holder will agree to pay some money to the other lien holders so the sale can take place, and as of 2013, Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale on its loans.
Want to learn more? Download our free white paper, Frequently Asked Short Sale Questions. If you would like to arrange a complimentary consultation with an agent who specializes in short sales, email us at concierge@lizmoore.com.
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