Relevant:
- Surprise Surprise, Big Banks Accused of Mortgage Fraud on Short Sales
- 3 Reasons You Want A Short Sale Over A Foreclosure
- Short sales spread across real estate market, leaving frustration in their wake
- Short sale dynamics -- short sales recorded the highest number of transactions in three years during the first part of 2012. What data do we have on short sales with second mortgages?
- The second lien sticking-point
2012-07-23 — bloomberg.com
Tough bargaining by second-lien holders is delaying deals and killing some short sales, even as banks embrace the practice to avoid costly foreclosures and help clear the market of homes that are worth less than the loans on them, said Vicki Been, a New York University law professor who has studied mortgages.
"It's an opportunity for the second-lien holder to charge a price for their cooperation, because it's needed for a short sale," Been, a director at NYU's Furman Center for Real Estate & Urban Policy, said in a telephone interview. "If they're too greedy, it may squelch the whole deal."
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