Short Sale Question - Posted by ka1515
Posted by ka1515 on May 01, 2007 at 15:39:30:
I am in the process of losing an investment property. (Divorce, Etc) It’s a two family that needs 25K to fix up and it will be worth 310K. Im in it for a 152k 1st and a 43k 2nd mortgage. I’ve missed like 3 payments. I have a cash buyer that is willing to give me 10K if I walk from the property. (he will bring mortgages current and they will stay in my name for a determined period of time. 6 mos-1 year)
He came back today and asked it I will ask the back(s) to accept $175k. I said I would but my question is how do I protect the amount he owes me? have him sign a note? Any suggestions is appreciated.