Posted by Kevin - WA on May 11, 2006 at 11:57:10:
If they will not give you a written Short Payoff Agreement, you will lose your $3600 when they increase the price of the payoff after receiving your money.
KLM
Bank Short Sale - Posted by Dee
Posted by Dee on May 11, 2006 at 11:31:00:
I have an oral agreement to a short sale to stop foreclosure. They want money ($3600) deposited non refundable to the bank to stop foreclosure. Then I would close on the home by June 12.
The Seller has no money to to put with the bank, it is at my risk even if the sale doesn’t close.
Do you have any ideas? I can put the money up but find it very risky.
Re: Bank Short Sale - Posted by Courtney - OR
Posted by Courtney - OR on May 14, 2006 at 01:43:18:
Do not part with your $. The lender is testing you on this one. Get their accepted price in writing and then set a payoff date with the lender. Think about the ramifications were you to give them the $3600 - you’d in essence be curing the arrears and technically stopping the foreclosure, which is not what you want to do - you simply want to help them get a bad loan off their books for a discount. HTH - Courtney