Posted on: 07th Sep, 2009 01:01 pm
We did the loan modification, the consumer credit counceling and it all failed when it came infront of the lender. We are facing the sheriff's sale of the property 9-28-09. We had a party that wanted to buy the property and the lender refused his offer. Why won't my mortagage company allow a short sale?MJ
Hi hccgems,
It is quite surprising to me that your lender is not accepting the short sale request. I would suggest you to negotiate with your lender and try to convince him for the offer. However, you should note that you would be liable to pay the deficient amount resulting from the short sale of the property.
It is quite surprising to me that your lender is not accepting the short sale request. I would suggest you to negotiate with your lender and try to convince him for the offer. However, you should note that you would be liable to pay the deficient amount resulting from the short sale of the property.
But if the lender doesn't accept the request what could be the best option?
Hi Guest,
If your lender is not accepting your short sale request, you can negotiate for a deed in lieu of foreclosure. However, you should note that if you go for this process, your credit score would be lowered by around 250 points. But you won't be responsible for the deficient amount resulting from the sale of the property.
Thanks
If your lender is not accepting your short sale request, you can negotiate for a deed in lieu of foreclosure. However, you should note that if you go for this process, your credit score would be lowered by around 250 points. But you won't be responsible for the deficient amount resulting from the sale of the property.
Thanks