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Short Sale


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I have been helped on here so much for myself, now I need help for my brother.

 

 

If my brother has an (80/20 loan) sold to two different lenders and he's in the process of selling it through a short sale, do both lenders have to agree to the amount of sale?

 

According to him he received info that says that he should only ask and receive the ok from the lender who owns the 20%. He was told not to ask for approval from the lender who has 80% interest.

 

I told him I thought that he needed the ok from both lenders who have interest in the loans.

 

He paid $210k, he's selling it for $190k. Why would a realtor tell him to get approval from just the lender who has the smallest amount of interest in the loan?

 

Thanks

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The last post in this topic was posted 4952 days ago. 

 

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