Short Sale Fat Chance! - Posted by ablelearner

Posted by B.L.Renfrow on October 12, 2003 at 24:12:11:

There are a gazillion properties out there in that predicament. If payments are current, I can’t imagine any lender willing to discuss a short sale, regardless of the LTV ratio.

Brian (NY)

Short Sale Fat Chance! - Posted by ablelearner

Posted by ablelearner on October 11, 2003 at 22:09:18:

Would a self respecting mortgage company ever be interested in short selling a house that is kept in good condition and payments are up to date, just because payoff is 71,000 and market value is 45,000?


Re: I thought so, too - Posted by TheShortSalePro

Posted by TheShortSalePro on October 12, 2003 at 13:20:40:

If the mortgage origination was fraudulent, they won’t agree to a short. However, if the decrease in value is market related, then anything is possible.

I did one a couple of years ago. The house in terrific condition, the mortgage loan current, and the mortgagors had good income. To my surprise, the lender agreed to chop almost $30,000 from the balance due to permit a sale. The Seller’s tax liability was less than $10,000 and found that favorable to paying $30,000 at closing.

Re: Short Sale Fat Chance! - Posted by Randy

Posted by Randy on October 12, 2003 at 09:30:30:

This may sound like a rhetorical question but, ?Why do you care?? Based on the information provided the only answer is NO? not a chance! However if there is some motivating factor for you to attempt a short sale, better advise may be available.