FACTS ABOUT MORTGAGE HOLDERS
1st Mortgage Holders
Seldom consider the 2nd mortgage holders position at all. Often the 1st is unaware of any 2nd and they well know they are in 1st position aka (Senior Holder). The 2nd will be written off if the property goes to foreclosure and does not become an impasse to get clear title at the sheriffs sale of property
1st Mortgage Holders
Are usually the institutions that begin the foreclosure process and negotiate the time frame to consider a short sale. The home owner and potential buyer must know the dates on the foreclosure notice of default letter to the homeowner. These dates are very important!
2nd Mortgage Holders
Usually do not begin foreclosure proceedings simply because they have to buy the 1st in order to sell the property. In most cases, the 1st mortgage balance is much higher than the appraised value and does not justify foreclosure by the 2nd
2nd Mortgage Holders
Are usually very much unaware of the deadline to close on the 1st due to the foreclosure process.. You must be aware of the time frame you have to negotiate both mortgages, if there are 1 mortgages on the property
Dont lose your home to foreclosure! If you or someone you know is struggling with their mortgage payments and could be losing their home to foreclosure, CONTACT US immediately! Let my experienced Chicago short sales team help you try and avoid foreclosure. You have nothing to lose and everything to gain by contacting us and setting up a free and confidential appointment.
Whether its Chicago short sales, Naperville Short Sales, or Skokie short sales, we have you covered!
Jim Kontos
President--Broker--Chicago Short Sales Expert--Multi Million Dollar Producer
RE/MAX 1st Class
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jkontos@remax.net
we are the chicago short sales specialists!
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