All Agents that are negotiating Short Sales on your listings such as “yours truly” – very important information that you need as of today. Please note these numbers could change tomorrow as you know our short sale rules do.
If the Primary Mortgage is guaranteed by the following Government institution:
FHA: they will pay 2nd mortgage $2,500
FNMA: they will pay $8500 or 10% of the principal
FREDDIEMAC: $3,000
Happy “being on Hold for eternity” with your banks.
GEENA
860-983-4446
GeenaBlog.com 
2 comments
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February 3, 2010 at 8:14 pm
Tonya
Hi Geena,
Great information can you shed some light on this. I am not sure I understand. Can you provide an example if the property was selling for $100,000 and they owed $120,000 on the property.
Thanks
February 4, 2010 at 10:56 am
GEENA
The numbers I have listed are for 2nd mortgage payoffs. So, let’s say your primary mortgage was at $120,000 and you had a 2nd mortgage of $50,000. And let’s say your primary mortgage was an FHA loan. The primary mortgage since it is an FHA loan will only pay a max of $2,500 on your 2nd mortgageof $50,000 to release their lien. If you look at my list you will see the differences in each loan program what they will pay to the 2nd mortgage. Now, all of these numbers could have changed as of this morning. But when I posted this blog they were in effect. Got stay on top of this!