Second Liens Roadblock for Short Sales

Second mortgages have become one of the biggest roadblocks to closing short sales.

There are about 450,000 properties in some stage of the foreclosure process with at least one junior lien, according to real estate research firm CoreLogic. These second liens are a primary challenge for Freddie Mac, said Mark Johnson, who oversees short sales for Freddie.

Holders of second liens have little left to lose so some of them are willing to get in the way of a deal in hopes of being thrown a bone, said Jon Goodman, a real-estate lawyer and investor in Boulder, Colo.

Source: The Wall Street Journal, Nick Timiraos (11/27/2010)

  • Reviving A Stale Listing In 22314 In Alexandria In 22314

    Do you have a abode similar to 124 Roberts Ln #201 in Alexandria that hasn't sold? Did you know that in Fort Ellsworth:

    Read More

  • What Has Recently Sold At Lyon Village?

    Do you have a home in Arlington that won't sell? Did you know that in Lyon Village:

    Read More

  • Reviving A Stale Listing In Alexandria, Virginia In Alexandria

    Do you have a property similar to 301 N Beauregard St #114 in the City of Alexandria that isn't getting any action? Did you know that in The Fountains:

    Read More

  • Residences That Have Recently Sold At Arrowood — But Mine Hasn't? What's The Problem?

    Do you have a place in 22124 in Fairfax County that just isn't selling? Did you know that in Arrowood:

    Read More

  • Listings Similar To 10074 Daniels Run Way In 22030 That Have Sold At Farrcroft

    Do you have a home similar to 10074 Daniels Run Way in the City of Fairfax that won't sell? Did you know that in Farrcroft:

    Read More

Buying, Short Sale, , ,