Anyone who works with short sales knows that it can be very difficult to get short sales approved when there is a second (or even third lender). To successfully complete a short sale, ALL lenders (among others) must agree. The problem is that in many instances, they do not. In fact, we have seen situations where the same bank holds the first and second mortgages, but cannot agree with itself.
There are some second lenders who routinely demand more than what the first lender will permit. We document such instances, and will do our best to keep you and your clients advised of those second lenders who routinely demand more than what first lenders will permit so that an appropriate strategy can be devised early on to address the matter head on.