- April 25, 2008 at 9:13 pm #257447
My former husband and I did a short sale when we seperated. Yes, both mortgage companies have to agree. They both would take a loss.
Be prepared to do alot of paperwork. You will have to tun over financial info. Write a handwritten letter to the mortgage cos.
saying what the hardship is, why you can’t pay, that the situation won’t get any better, you are over leveraged, etc. i’m glad we did it. it took along time because the guy we went thru wasn’t the best. so chose someone who is familiar with the process.
also, don’t fix the house or anything.. you want the mortgage co to take the loss not go for a foreclosure and try to sell it themselves.
from: Melissa Calapp
Sent: Friday, April 25, 2008 4:13 PM
Subject: Budget101.com : Short Sale on Home
My husband lost his job, but may be able to get one out of state which would require selling our house. We bought the house three years ago with nothing downfor about $80,000 more than what we could sell it for. It can’t rent for the monthly payment, so we can’t afford to do that.
Has anyone done a short sale? How does it work? Do both the first and second mortgage have to agree, and what if there is enough money to pay off the first can the second still get some of it, which would make the first short?
Thanks to anyone who has experience in this.
Melissa in Ca
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