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Call them and ask for the loss mitigation department.
Tell them you are interested in doing a short sale. They will most likely tell you that you need to follow their specific rules and paperwork and to find a local Realtor. Selling your property won't normally be the problem. Getting the bank to respond and start working with you is the problem. You will want to get an authorization letter for whoever will be communicating with the lender on your behalf.
Quiz your potential Realtor on how many short sale they have completed (should be more than 20) and if they have worked with your bank. You are probably best served to find a negotiation company to do the work for the Realtor. These companies are on the phone all day long with the banks and tend to get the job done. There should be no charge to you, they get paid from the Realtors commission that is paid by the bank.
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Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
Can lender refuse a short sale?
NO
Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
What are the pros and cons of a short sale verses a foreclosure?
Both a foreclosure and a short sale will ruin your credit for many years. With a foreclosure, it's best to file a Chapter 7 bankruptcy to protect you from the lender. The lender has up to 10 years to come after you for the loan deficiency. For example, if you owed $200,00 on a mortgage, and it cost the lender $75,000 to re-sell your property, you could be liable for that $75,000 deficiency. On a short sale, the lender can still come after you, but the amount that is short can be issued to you on a 1099 as a "loan forgiveness" causing you to pay income tax on that money.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
Can you short sale your house to your spouse?
A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.A short sale must be approved by the lender. It will not approve your proposal.
Can lender refuse a short sale?
NO
Can you short sale a house that is left to you in a will?
That is up to the lender.
Can you get a short sale all the time?
A short sale is most often using when a homeowner is facing foreclosure. If the amount offered by a potential buyer of your house is less than the amount you owe your lender, you can ask the lender to accept the offered amount as payment in full. The lender does not have to agree to accept a short sale. They may elect to go ahead with a foreclosure because of other liens on the property (such as 2nd mortgages.) You can request a short sale by submitting a short sale hardship letter to your lender.
Can you do a contingency contract on a short sale?
No you can not purchase a short sale property contingent on selling your home. A lender would never agree to such a clause. In most short sales the lender will ask for the buyer to close quickly (within 30-45 days).
How to buy a house on short sale?
Give the Short Sale Lender Time to Respond. Make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. Some lenders submit short sales to committee, but most can make a decision within two to three months
What is house short sale?
In the real estate industry short sale initiates when the borrower is in financial crises and unable to pay the mortgage amount. In case of a short sale, property is sold to a third party (not the bank) and the proceeds from the sale go to the lender. After the sale of property the lender can opt for recieving the diffieciency amount or may forgive it. In many states is hould be forgiven leagally.
Does a short sale happen when I stop making mortgage payments?
No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to a short sale.
Can you do a short sale if not late on payments?
You need to ask your lender. Some lenders allow it, but others do not.
What are the pros and cons of a short sale verses a foreclosure?
Both a foreclosure and a short sale will ruin your credit for many years. With a foreclosure, it's best to file a Chapter 7 bankruptcy to protect you from the lender. The lender has up to 10 years to come after you for the loan deficiency. For example, if you owed $200,00 on a mortgage, and it cost the lender $75,000 to re-sell your property, you could be liable for that $75,000 deficiency. On a short sale, the lender can still come after you, but the amount that is short can be issued to you on a 1099 as a "loan forgiveness" causing you to pay income tax on that money.
If you do a Short Sale in the State of New York do you have to pay back the difference of what you owe after the short Sale?
The state you reside in has nothing to with whether or not you will have to pay back the difference of what you owe in a short sale. Whether or not you have to sign a note and pay back the debt is up to the lender.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
