Is This A Negotiable In A Short Sale?
My client , a borrower with a bad credit score, was divorced from her husband. Part of the divorce settlement is that he gets the house. Her name is still on the deed/loan. You can guess where this is going.... Although the house is in pre-foreclosure, I found an associate who will try for a short sale with ABN Ambrow.
Is it possible to make part of the short sale agreement that the item of preforeclosure be taken off of her credit report? Will the bank go for this?
- Charlie
If the Proposed short is really in the mortgagee's best, financial interest... they might agree to remove the derog credit from your Client's history... provided you can prove that the missed payments were beyond her control.
I can get a letter from the woman's attorney stating this.
Ideally I would like three things to happen.
1. The credit score knock removed.
2. Money for her downpayment and closing cost on her new home.
3. Maybe a couple bucks for my time and effort.
- Charlie