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Suppose that an investor is purchasing a property subject to a first mortgage contingent upon a short sale with the second mortgagee. When submitting the HUD form to the second mortgagee, does the investor use the Short Sale HUD-1 form or the Subject To HUD-1 form? Will the second mortgagee refuse a good short sale offer if they know the first mortgage is not being paid off (hence probably no foreclosure by first mortgagee)? Does the second mortgagee tip off the first mortgagee that a "Subject To" deal is pending? |
