Short Sale Contingency?
Obviously, a lender must consent to a short sale in writing. My question is: In a proposal to the bank must it be clearly stated that a homeowner "will not" be entitled to any additional monies arising from a short sale in order to gain the lender's cooperation?
Secondly, if their are other interests involved do you need you obtain unimous consent amongst the parties?
Thanks,
Steve
A mortgagee will require internal approval from the Investor who owns the loan, and the PMI, if any.
Each mortgagee will issue it's own approval and it's own terms and conditions of approval.
You'll also need permission from other lienholders of record.