Posted on: 11th Sep, 2010 10:40 pm
I owe 172,000 on my mortgage and I am thinking of doing a short sale. The property is worth 32,000. What are the positives and negatives of this? Can the lender come after me to come up with balance of the loan after short sale? What should I expect good and bad out of a short sale. My lender is Bank of America
Hi staceyashelton,
Welcome to mortgagefit,
"What are the positives and negatives of this?"
In short sale you need to pay the deficient amount in one stroke or as mutually agreed between you and your lender.
DIL could be one of the option which you can go for.
for further information you can go for this link
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
DIPA
Welcome to mortgagefit,
"What are the positives and negatives of this?"
In short sale you need to pay the deficient amount in one stroke or as mutually agreed between you and your lender.
DIL could be one of the option which you can go for.
for further information you can go for this link
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
DIPA