Ask Experts Questions for FREE Help !
Ask
    totobean's Avatar
    totobean Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 9, 2009, 01:59 PM
    Is there time for a short sale?
    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Short sale [ 1 Answers ]

I am in the process of trying to do a short sale and have a offer pending bank approval what is the options if it is not approved and is a short sale terrible on a credit report

Short sale [ 1 Answers ]

When a short sale is not accepted what is the next best option?

Short sale [ 1 Answers ]

How long does the owner get to have the house under short sale? Is there a time frame before the lender will take it back and foreclose on the house?

View more questions Search