New Lender updates for second mortgages
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I promise to keep this short. When working your short sale deals you will definitely come cross first mortgages backed by Fannie Mae, Freddie Mac, and FHA. In the cases where these lenders are in the first lien position, meaning they are the primary mortgage you will need to know how much they will allow for any second mortgage payoffs. Below is a quick reference for you.
FHA – $2500.00
Freddie Mac – $3000
Fannie Mae – $8500 or 10% of the second mortgage, which ever is lesser.
Till next time!
I promise to keep this short. When working your short sale deals you will definitely come cross first mortgages backed by Fannie Mae, Freddie Mac, and FHA. In the cases where these lenders are in the first lien position, meaning they are the primary mortgage you will need to know how much they will allow for any second mortgage payoffs. Below is a quick reference for you.
FHA – $2500.00
Freddie Mac – $3000
Fannie Mae – $8500 or 10% of the second mortgage, which ever is lesser.
Till next time!
pls can someone show me how to do a short sale maybe split profit on commercial deals email me allreadydone7@yahoo.com