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    truong81's Avatar
    truong81 Posts: 41, Reputation: 1
    Junior Member
    		  
    #21

    Aug 13, 2007, 12:57 PM
    The 'trustee' in this cause is only conducting the auction. They had advise that I contact the owner and the lender to see if they are willing to put the house under short sale.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #22

    Aug 13, 2007, 01:06 PM
    Since you stated that the outstanding balance of the loan is much less than the fair market value of the property, there is no reason for the lender to consider a short sale. Short sales are used when the property is overecumbered, and the lender minimizes their loss by accepting less than is owed. Also from the owner's perspective; the amount that the lender reduces the pay-off is reported on a 1099 as income to the mortgagor.
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