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is the 2nd with the same mortgage company? Not that this even matters, you still need to address both. I have seen the two mortgage companies talk, and this is a good thing, but I am pretty sure YOU still need to address the 2nd yourself.
When I send the package, I send it to both (even if inside the same company). The HUD should reflect what the 2nd is getting and the second should be aware of the situation. As we all know, the 2nd is in a VERY unsecure position and is very easy to get knocked way down. The 80/20 mortgages are the gravy of my business. When I see and 80/20, I just simply SMILE!
To answer your question, you still need to be in contact with the second mortgage holder. When it is the same lender, they may assign just one loss mitigation person for both loans. This makes things a little easier, but you must still get an approval letter for the second to close. If both loans are from the same lender one approval letter will be sent addressing both loans. If they are different lenders, you need an approval letter from both.
- Frank Wible
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Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
[url="http://www.ShortSaleNJ.com/"]http://www.ShortSaleNJ.com/[/url]
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