Posted on: 07th Aug, 2010 08:37 am
I was chatting with an attorney yesterday, who advised me that lenders are not requiring that their customers who are using short sales are being forced to arrive at closing with thousands of dollars in cash in order to alleviate the deficiencies that are happening. This, of course, is a disastrous hit on an unfortunate (often) homeowner whose only apparent way out is via short sale.
Of course, this has been a hindrance to many, and the last-minute nature of the demands (as portrayed to me) clearly are heinous.
I'm curious to know if any of the rest of our lenders and other assorted hangers-on have experienced this sort of absurd behavior from the lenders in regards to the short-sale process.
I'd never heard of this until yesterday.
Of course, this has been a hindrance to many, and the last-minute nature of the demands (as portrayed to me) clearly are heinous.
I'm curious to know if any of the rest of our lenders and other assorted hangers-on have experienced this sort of absurd behavior from the lenders in regards to the short-sale process.
I'd never heard of this until yesterday.
Hey George... I, too, have noticed that a large number of posters who are going through short sale are mentioning about a promissory note which they need to sign in order to short sale their property. The lenders are mentioning a stipulated amount in that promissory note which the borrowers need to pay after the short sale. This makes things quite difficult for the borrowers and most of them cannot go for short sale as they won't be able to afford the payments. Thus, most of them have to let the lender foreclose the property.
Well, that's close, Adonis; but I'm talking about people having to bring real cash money to the closing table - in sums of $10,000 and greater. It'd be interesting to find out how much this is taking place nationwide.
