How to Buy Short Sales in Santa Maria, CA (Part 2)
Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.
