Short Sale after CH 7 discharge

[jmanford]

Both of my mortgages were discharged in ch 7. My house is worth about 285k. My first balance is 278k and my second is about 50k. A buyer agreed to purchase my home for 282k. 1st lender agreed to short sale and offered the 2nd lender 3k. 2nd lender says they want 30k.

Has anyone heard of a 2nd, equity line of credit, lender having some sort of mortgage insurance? I mean we are trying to figure out why they are demanding 30k? The house is going to foreclose and they will get nothing. We stopped paying 3 months ago and my loans have both been discharged. What is the 2nd thinking?

BTW, we are short selling because we want to be able to purchase again in 3 years.

[justbroke]

No one can tell what's on the mind of the 2nd. They are seriously short-sighted. Anyhow, you may just have to let it foreclose. Yes, sometimes it seems like the best solution to work with the banks, but some of them refuse to deal.

[rosetaylor01]

Foreclosure is not a further blow on my credit card. I also had 20 rental units that I gave as my primary, and no other hits. The person said that separate lists and will lower your score 250 points or do not know what they are talking about or have ulterior motives. I tell you from experience!