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View Full Version : Is there time for a short sale?


totobean
Aug 9, 2009, 01:59 PM
We just had our foreclosure sale date officially set by the courts for Oct 8th. 2009. Is there still time for a short sale? We have a 1st at $163,000 and a 2nd at $33,000. The last real estate agent we talked to about 4 months ago said the house was worth about $75,000- $80,000 in today's market. Is it even feasible to think the mortgage companies would settle with such a large difference in loan to value? Thank you very much

Fr_Chuck
Aug 9, 2009, 02:29 PM
Because of the second mortgage unless they are though the same lender, it is not likely to happen.

First that is a large difference, so the second mortgage will get nothing, so that lender will have to sign off with no money, so I can't see it happening.

Right now I see them taking 20 to 30 percent under what is owed but some will not accept any short sales at all.