Helping homeowner negotiate short on a 1st: they accept how often

[Brian Kempler]

You hold a 2nd and are trying to help the borrower negotiate a short on the 1st so he can short sell.

For those who've dealt with this scenario can you give some idea of a percent success rate getting the 1sts to accept debt forgiveness?

If it's low, say 30% of the time, 2nds seem like a tough game unless you buy at huge discounts.

[Wayne Brooks]

@Brian Kempler If the first agrees to a short sale, they'll typically only allow the 2nd to get 5-10% of their UPB from the sales proceeds. And if the value of the property is above Their balance, they have no incentive whatsoever. I'm not seeing the play here?