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Lender Approval For a Short-Sale
If a homeowner has two mortgage loans on their home, for a short sale to occur, do both lender need to approve the price?
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1 Reply
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Yes, for a short sale to occur when a homeowner has two mortgage loans on their home, both lenders must approve the sale price. This is because both lenders have a financial interest in the property, and they each need to agree to accept less than the full amount owed to them. If one lender does not approve the short sale, the sale cannot proceed. Negotiating with both lenders is crucial to successfully completing a short sale.