Posted on: 13th Jun, 2010 06:58 am
How about if GMAC hold both the 1st & 2nd mortgage ....will they respond better? What if the house is worth approx $500K and the seller owes $700K ......will GMAC ok the short sale? ...can they actually code it as a Foreclosure on the owners credit? ...and if they do that does the previous owner who short-sold have to wait 5 yrs to buy again ?? Anyone ??
Welcome Guest,
It will be completely the lender's discretion whether or not he would consider your request for a short sale. If GMAC is convinced about your financial situation, then it may agree to your short sale. If the property has been short sold, then that will be mentioned in the credit report. The lender cannot write it off as a foreclosure.
"does the previous owner who short-sold have to wait 5 yrs to buy again ??" I've no information in this regard. You can get in touch with a real estate attorney and he will be able to help you in a better way.
It will be completely the lender's discretion whether or not he would consider your request for a short sale. If GMAC is convinced about your financial situation, then it may agree to your short sale. If the property has been short sold, then that will be mentioned in the credit report. The lender cannot write it off as a foreclosure.
"does the previous owner who short-sold have to wait 5 yrs to buy again ??" I've no information in this regard. You can get in touch with a real estate attorney and he will be able to help you in a better way.
Those questions lie solely with the lender and will be there decision. If it was sold as a short sale, it will not appear as a foreclosure.