Posted on: 14th Sep, 2010 06:56 pm
I am on a loan with a person as well as the deed. He refuses to sign modification and bank says it is required to sign. we are now going through foreclosure and bank is offering Short Sale as an option. I am okay doing this, Mortage invester agreed to spell out in contract no deficit, No back taxes, or 1099, as part of short sale. However the coborrower on my loan will not sign the paperwork for Short Sale. Its totally screwing my credit....
Any options to force a short sale
Any options to force a short sale
Hi metyping,
Unless the co-borrower signs the required documents, the lender will not be able to short sale the property. You should negotiate with your co-borrower and buy him out by offering him a stipulated sum of money and ask him to sign the required documents to complete the short sale.
Thanks
Unless the co-borrower signs the required documents, the lender will not be able to short sale the property. You should negotiate with your co-borrower and buy him out by offering him a stipulated sum of money and ask him to sign the required documents to complete the short sale.
Thanks