Typically, the bank in second position tells the first bank they want some compensation in order to approve the short sale. Sometimes the first bank agrees, sometimes they do not, other times they try and squeeze either the buyer or the seller for what ever they can in an attempt to mitigate their circumstance (the second bank)...
Shop Around For The Best Home Loan – Why It Matters…
When a home is purchased, most look at the home as the only product they are purchasing. Unless you are paying cash for a home, there is a often overlooked product, the home loan. When you obtain a home loan, you give your lender a mortgage, which is security to your lender in case the loan is defaulted. In Oregon, you enter into a trust deed with your lender and a neutral third party, usually a title company. Bottom line, when obtaining a home loan you are buying a product, and when you buy a product you want to receive the highest quality, and value in that product, right?