Posted on: 23rd Nov, 2011 04:18 pm
Can anyone short sale because house is upside down and morgage is up to date?
Hello juleen,
If the seller can buy that stock later at a lower price, a profit results; if the price rises, however, a loss results. A commodity sold short represents a promise to deliver the commodity at a set price on a future date. Most commodity short sales are covered before the delivery date. "SS"
:idea:
If the seller can buy that stock later at a lower price, a profit results; if the price rises, however, a loss results. A commodity sold short represents a promise to deliver the commodity at a set price on a future date. Most commodity short sales are covered before the delivery date. "SS"
:idea:
Hi juleen!
Welcome to forums!
If the mortgage is up-to-date, then the lender won't be ready to consider your request for a short sale. You have to be delinquent on your mortgage payments in order to agree to a short sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the mortgage is up-to-date, then the lender won't be ready to consider your request for a short sale. You have to be delinquent on your mortgage payments in order to agree to a short sale.
Feel free to ask if you've further queries.
Sussane
You do not have to be delinquent on your mortgage to do a short sale
You do need to make a case as to why you will not be able to continue making mortgage payments
I have seen owners borrow money from relatives for two year to keep the mortgage current while a short sale was being processed, knowing they could not borrow any more money and the mortgage would be late sometime soon
The point is, it can be done.
It may not be easy, but, it can be done.
You do need to make a case as to why you will not be able to continue making mortgage payments
I have seen owners borrow money from relatives for two year to keep the mortgage current while a short sale was being processed, knowing they could not borrow any more money and the mortgage would be late sometime soon
The point is, it can be done.
It may not be easy, but, it can be done.
we are upside down loan is 275 and the homes in here are selling for 175 to 200. we would like to get out from under this . rather than just walking, is short sale an option, at least the bamk would get some money rather than 0
Short sale is an option.
The bank will get some money rather than 0 whether they approve a short sale or foreclose and sell the property themselves or accept from you a deed-in-lieu of foreclosure and then sell the property themselves. They have to spend money to go through the foreclosure process, so, if they takeover by that process they spend more money than just losing money on a short sale.
So, the bank always gets money. The bank may get more money through foreclosue or a deed-in-lieu than they would accepting your short sale. It depends on how much you sell the property for they would on your short sale.
So, the bank getting some money rather than 0 is no reason at all for the bank to accept a short sale. For a short sale you will need to sell the property and prove to the bank what financial hardship prevents you from paying the mortgage anymore.
The bank will get some money rather than 0 whether they approve a short sale or foreclose and sell the property themselves or accept from you a deed-in-lieu of foreclosure and then sell the property themselves. They have to spend money to go through the foreclosure process, so, if they takeover by that process they spend more money than just losing money on a short sale.
So, the bank always gets money. The bank may get more money through foreclosue or a deed-in-lieu than they would accepting your short sale. It depends on how much you sell the property for they would on your short sale.
So, the bank getting some money rather than 0 is no reason at all for the bank to accept a short sale. For a short sale you will need to sell the property and prove to the bank what financial hardship prevents you from paying the mortgage anymore.
jveenstra i am agree with you, bank will never earn zero whatever option it takes either foreclosure or short sale!