Monday, October 13, 2008

Is this possible?Mortgage / short sale question? Trying to avoid foreclosure.

Is it considered a short sale if you sell your house for the amount of the mortgage and still have $100,000 you owe in a home equity line of credit? We would be willing to still make payments on the line of credit we just would not own the house anymore.
Posted by CashDan at 2:12 PM

1 comment:

  1. LoanModBookOctober 13, 2008 at 2:15 PM

    As a title and escrow agent I have closed many short sales. I also negotiate on behalf of distressed sellers and borrowers for both loan mods and short sales. My experiences have shown that lenders of all stripes will do what is in their best interest.

    Part of the equation in a short sale is ridding the lenders books of the bad debt so that they can free up capital.

    I have closed more than 20 short sales where the 2nd lienholder has taken less than 5 cents on a dollar. I closed an Argent 2nd that was 70K where they accepted 5k at closing. I closed a citi equity line where Citi took 8k on a 110K equity line.

    I can't pretend to have inside info from the back office at these lenders but from doing this for quite a few years I have seen what I have seen, and know that if the value that the bank comes up with after their BPO or appraisal supports your offer you will get it done whether it has 1 loan, 2 loans or even HELOCS.

    I Love the smell of foreclosure talk early in the morning!

    ReplyDelete

Subscribe to: Post Comments (Atom)