I have never done a short sale but I have an opportunity on a property. My son has filed for bankruptcy and they have dimissed his house loans. He owes 270K on the 1st and 80k on the 2nd. The house appraises at 260k and it will probably go to foreclosure in the next 3 months.
1.Will the banks even consider a SS offer from me, being his father?
2. What % of the loan amount is typically accepted by both.
3.Are their SS packages available for me to present to both banks?
Any help would be greatly appreciated,