Go Back To Search Results Question Do you think a 2nd mortgage company would agree to a short sale? Rather than get nothing if we file bankruptcy, would a 2nd mortgage company agree to walk away with only a few thousand dollars in a short sale? We anticipate being able to sell for $120,00, but minus realtor fees there would be $113,200 left, and the first mortgage company oluld get $107,000 leaving only about $6,000 left for the 2nd, but we owe them $42,000. By tiredbutwiredlove Posted on 03/18/09 Total Answers 2 Answers- You might have some leverage. A second mortgagee (lender) is unlikely to foreclose because they would have to assume the first mortgage. All you can do is ask, but unless you are in default they probably won't talk to you. realtor.sailor Answer by : realtor.sailor On Date 2009-03-18 08:44:38 Maybe, but I doubt it. They're taking it on the chin here either way. Filing bankruptcy won't help (or reduce their share to $0), it would only be $0 if the property is foreclosed on and auctioned for less than $107,000. Unless you are already more than 60 days behind on the mortgage, no one will talk to you about a short sale. good luck! Answer by : Rush is a band On Date 2009-03-18 08:46:24   Go Back To Search Results