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Topic History of: short sale still requires payments
Max. showing the last posts - (Last post first)
Author Message
wwalla Thanks everyone. I called the bank today and left a message to talk with them. I will let you know how everything turns out. I guess you really can learn something new everyday.
Tia A. I helped my sister in law through this, the banks will do it these days, especially if they think its a house where they are going to be stuck with it for a long time and have to pay the property taxes on it. They just have so many to deal with these days, they are becoming much more flexible.
OnTheGo Your first goal is to convince the bank that she does not have any real assets and that if the short sale w/o recourse is not approved the house will go into foreclosure. and the banks are really tired of taking on houses adn paying the property taxes adn maintaince costs on them. If she has a lot of assets, your going to a problem with this, but that is the general theory.
wwalla The recourse versus no recourse issue, do banks generally agree to do a short sale without recourse? I mean what is there incentive, how do you convice a bank of something like this, bassically, why would they do it and how to i convince them?
jpol my brother did a short sale and the bank made him sign for the difference otherwise they would go after his business assets. Is the bank threatening to go after your aunts assets? Does you aunt have other assets other than her home?
Sumo The key to a short sale transaction is to make sure the bank accepts it without recourse. If its with recourse, then you will sitll be liable for the remainder. The is the trick to making these things go away without a whole lot of fall out.
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