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SHORT SALE QUESTION THAT NEEDS ANSWER PLEASE L@@k

yeaman profile photo
  • Thursday, July 10, 2003 @ 03:17 PM EDT
  • 5 Comments

i am working on a short sale proposal.

the homeowner wants to know if a forclosure will still be attached to her is it goes thru before the forclosure sale?

what is the correct response to tell her, she thinks that if the mortgage company takes less than what she owes, that she will somehow still be attached to it.


PLEASE ADVISE.

THANKS surprised surprised surprised

Comments(5)

  • no photo
    rduval10th July, 2003

    If you are considering a short sale, you need to have the blessing of the mortgage holder and guarantor if any (fha or Va). If the mortgage holder agrees, the seller will not be held responsible for the deficit. However, the seller will receive a 1098 misc making the deficit taxable income.

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    visionary10th July, 2003

    As I understand it...part of the negotiations with the lender is that they will wipe out the difference and not go after your seller if they accept the short sale...that is your job to make sure that is part of the agreement.

    If you SS package is compelling enough...you will have achieved a win win for everyone!

    GOOD LUCK!

    Visionary

  • no photo
    yeaman10th July, 2003

    THANKS EVERYONE FOR THE QUICK REPLYS.


    THAT IS WHAT I THOUGHT BUT I WANTED TO MAKE SURE.

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    bgn2fsh10th July, 2003

    You will need to have them accept your offer that needs to contain "Without Pursuit Of Deficiency Judgement" if you dont, they can hold the current owner liable for the difference.

    Also if you need a contractor or painter, I used to live in Conway and have some contacts in LR that will help you out.

    Good Luck

    Tim[ Edited by bgn2fsh on Date 07/10/2003 ]

  • no photo
    yeaman10th July, 2003

    thanks for the info.

    ill keep you in mind.



    david

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