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Tag: 2nd mortgages

Simple Explanation For Why HAFA Will Not Help Short Sales With 2nd Mortgages

10 March, 2010 (12:42) | Community Issues, Crystal Ball Projections, Foreclosures and Short Sales, Info for Sellers, Opinion, Personal Experiences | By: Aaron Dickinson - Edina Realty

The always excellent Calculated Risk goes into the simple reasons why 2nd mortgage holders are unlikely to embrace HAFA.
When a 2nd mortgage holder can only recover 3% of the loan or $3000, whichever is LESS, and they have to release the seller from all future liability, I can see why they will not be quick to [...]

Why Loan Modifications & Short Sales Are So Tough

22 January, 2010 (06:50) | Community Issues, Foreclosures and Short Sales, Info for Sellers, Neighborhood Info, special financing | By: Aaron Dickinson - Edina Realty

Minnesota Home Ownership Center does a great job of helping struggling homeowners determine and exercise their options.  Their blog post yesterday introduced me to a short article from Public Citizen that explains a large part of our problems in negotiating loan mods and short sales.


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