Posted on: 29th Jul, 2010 12:08 am
My husband and I signed a prom note for $20k (30 yrs 0% int.) in order for Radian to OK the short sale on our home back in Oct of 2009. I work @ the bank that held our mortgage with. They have since created new programs to promote shortsales and deed-in leu's. Basically if you shortsell, the bank if giving the seller up to $12k at the clsoing table - no prom notes and they waive their rights to go after any difficiencies. At this point is there anything that we can do with our note??
hi guest,
the new program to promote short sale and deed in lieu of foreclosure came into affect recently whereas your property was short sold in october, 2009. in that case, the recent programs won't be of any advantage to you. moreover, you've signed a promissory note with the lender regarding payment of the dues which makes it mandatory for you to pay off the balance amount.
thanks
the new program to promote short sale and deed in lieu of foreclosure came into affect recently whereas your property was short sold in october, 2009. in that case, the recent programs won't be of any advantage to you. moreover, you've signed a promissory note with the lender regarding payment of the dues which makes it mandatory for you to pay off the balance amount.
thanks