Posted on: 01st Nov, 2010 03:07 pm
we are trying to sell our house in short sale. my husband took a contractor job, after we put it in the market, in afghanistan and is making enough to pay the monthly payments now, but his job is not permanent, is only a contract for a year. my question is, what are the chances of the bank accepting an offer for short sale if a buyer is interested? the bank has our income prior to his new job, so they are unaware of what he is making now. also if we get no offers, would we have a hard time doing a deed in lieu of foreclosure due to his new (temporary) income? thanks for your help.
Hi Lisandraresto!
Welcome to forums!
It is completely the bank's discretion whether or not he will accept the short sale offer. It will depend upon how much sale money he will receive from the sale of the property as he will have to recover his dues. If you do not get a new offer, then you can apply for a deed in lieu of foreclosure. If your husband's present income is not satisfactory enough to pay off the loan, then the lender will accept the deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is completely the bank's discretion whether or not he will accept the short sale offer. It will depend upon how much sale money he will receive from the sale of the property as he will have to recover his dues. If you do not get a new offer, then you can apply for a deed in lieu of foreclosure. If your husband's present income is not satisfactory enough to pay off the loan, then the lender will accept the deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane