Posted on: 11th Sep, 2009 10:24 am
When will the lender agree to a short sale procedure?
That woudl depnds on the conditions of short sale
You will have to hire a loan officer to understand the terms of standard mortgage short sale procedure to avoid a foreclosure.
Short sale is when the lender accepts less than what is owed as mortgage debt satisfaction.
In short sell lender may choose to file a deficiency judgment for the remaining amount.
As per the lenders perception he will choose short sell to clear bad loans on his book.This will be lender's perception for short sell. But Borrower have to give some valid reason for short sell. Borrower will need a good reason for the lender to agree to a short sale -
1) illness.
2) unemployment
3) family matters may be considered and pointed out in the hardship letter.
Afterall its lenders decesion to go with short sell or not. It depend on whether it is cheaper to fix and sell the property and if the lender's got too many properties on short sale.
Short sale is when the lender accepts less than what is owed as mortgage debt satisfaction.
In short sell lender may choose to file a deficiency judgment for the remaining amount.
As per the lenders perception he will choose short sell to clear bad loans on his book.This will be lender's perception for short sell. But Borrower have to give some valid reason for short sell. Borrower will need a good reason for the lender to agree to a short sale -
1) illness.
2) unemployment
3) family matters may be considered and pointed out in the hardship letter.
Afterall its lenders decesion to go with short sell or not. It depend on whether it is cheaper to fix and sell the property and if the lender's got too many properties on short sale.