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July 21, 2006
Multiple Liens
I have just picked up a client that has a new house (no repairs needed) 3years old. they have 2 mortgages, both with the same mortgage company
1st - $119,000 - ARM @ 13.75 tops out at over 16%
2nd - $ 21,000 - 9% fixed
what is the best aproach with this company to negoticate a short with the 2nd, and possibly the 1st, without tipping them off that they have both?
The problem with having a client that has 2 mortgages with the same company is that the company does not care much about the 2nd. The first is their focus. I would just work the 1st and if they say what about the 2nd just tell them all you are interested in is the 1st the the 2nd is not your issue. Then see if you can short the 1st dedending on the value of the property.
Paul Wells
Posted by paulwells at July 21, 2006 5:36 PM