SFR Practice Questions - Short Sales & Foreclosure Resource Exam

Access More Questions

A seller has both a first and a second mortgage on a property going into short sale. How are the two lienholders typically handled?

Only the first lienholder must approve; the second lien automatically extinguishes at closing Both the first and second lienholders must approve the short sale and the proceeds allocated to each The second lienholder is paid in full ahead of the first to keep title clean The second mortgage is converted to an unsecured personal loan automatically

Correct Answer:

Both the first and second lienholders must approve the short sale and the proceeds allocated to each

Access more questions from this quiz

Continue to SFR Practice Questions - Short Sales & Foreclosure Resource Exam for more practice questions and the full quiz experience.

Access More Questions