A Franklin Credit Management Corp Short Sale can be very challenging to complete , especially when Franklin Credit is in 2nd position. Franklin Credit Management is notorious for foreclosing when in 2nd position. The challenge with Franklin credit in a Franklin Credit management corp Short Sale when they are in 2nd position is that their values are not always accurate and they are basing their decision to foreclose on a value that leads them to believe there is equity.
Its not wise for a 2nd to foreclosure unless there is proof of equity , however a 2nd mortgage can foreclosure and may foreclose even if the property is underwater and there is no verifiable equity. Franklin Credit is notorious for this , and are very aggressive, making a Franklin Credit Managment Corp Short Sale that much more challenging when they begin to foreclose or are already foreclosing.
If Franklin Credit forecloses in 2nd position the senior lien doesn’t go away, but Franklin Credit would have to deal with them if they started to foreclose against us. In most states a lien in 2nd position has reinstatement rights and can bring the loan current. This could be done or would be done if Franklin Credit plans to try and liquidate or lease out the property. The once Franklin Credit sells the property they would have to pay the 1st . Franklin Credit also may have the ability to try to buyout the 1st position, or do a short sale, with or without the homeowner’s authorization.
If Franklin Credit forecloses in 2nd position when the property is upside down they could be doing it for tax advantages to taking the loss or if there is a senior lien payment that is less than the current market rent so they could rent the home and still make a monthly profit to try and recoup as much as possible. To do this they must take title through a sheriff’s deed.
Solutions to this could be increasing the payoff to the 2nd, proving there is no equity ( although as per examples above that wont make a difference at times due to the options stated for foreclosing under these circumstances , escalating the file to high management , working with a Short Sale specialist.
A Franklin Credit Management Corp Short Sale can be very challenging to complete , especially when Franklin Credit is in 2nd position. If you have questions about an underwater mortgage, loan modification, foreclosures ,short sales , Reverse Mortgage Short Sale , Wells Fargo Short Sales, Wells Fargo Value disputes, A Franklin Credit Management Corp Short Sale please call us at 888-572-8020 FREE.
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