Posted on: 24th Jul, 2012 02:17 am
We filed Chapter 7 last year. The first and second home (rental property) were included in it. Recently we tried to sell the rental, but the appraisal came in much lower than what we owe (no surprise there!). We purchased it for 150k in 2008, with 15k down. Selling for 130k, just enough to cover the loan balance.. buyer puts 5% down... APPRAISAL came in @ 105k! Loan is dead! What can we do? Can we do a short sale?
You can apply for a short sale. It will be the lender's discretion whether or not he will consider your request.
hi sniggy,
you can even apply for a deed in lieu of foreclosure in order to sell off your property. to know all about deed in lieu of foreclosure, check out the given page: http://www.mortgagefit.com/deed-lieu.html .
you can even apply for a deed in lieu of foreclosure in order to sell off your property. to know all about deed in lieu of foreclosure, check out the given page: http://www.mortgagefit.com/deed-lieu.html .