These days many 2nd mortgage companies are now asking for 10% of their principal balance in order to release their lien. Prior to these recent changes, ALL 1st mortgage holders allowed a maximum of $1,000 to 2nd mortgages, period. Once 2nd mortgage holders started demanding 10%, it made obtaining approvals from both mortgages quite challenging. After all, 10% is quite a large number! And most 1st mortgages...

It’s quite likely that many of you out there only think you can make a good sum of money on wholesale short sales. But we recently closed a retail short sale in which we made $10,500, and had the bank pay us! It was a two-family house down in southern Connecticut with an offer of $400,000 to start. We started the process by submitting a wholesale offer, with the hopes that we could resell this...