Posted on: 15th Aug, 2010 02:43 pm
How should the heir approach GMAC about purchasing the house in a short sale? Should the heir stop paying the payments and then approach about a short sale?
Welcome dawnmccutchen,
If the heir to the property is paying the mortgage dues on time, then the lender will not short sale it. However, if the payments are delinquent, then the lender will definitely go ahead with short sale. The heir to the property should directly contact the lender and inform him about his or her wishes to purchase the property if a short sale takes place. If the heir can pay the sale price as asked by the lender, he or she would be able to purchase the property.
If the heir to the property is paying the mortgage dues on time, then the lender will not short sale it. However, if the payments are delinquent, then the lender will definitely go ahead with short sale. The heir to the property should directly contact the lender and inform him about his or her wishes to purchase the property if a short sale takes place. If the heir can pay the sale price as asked by the lender, he or she would be able to purchase the property.