short sale but homeowners have money

i’ve come across sellers today that are thinking of short selling their home. they were on title, but their relative was the one living in the house and making payments. the relative passed away and now they are a few months behind.

i’ve explained to them that the hardest part is going to display hardship. even though the relative passed away, they were on title so the bank could hold them responsible for the debt.

having that said, it’s been my experience that the banks want to make those on title liable for the loan amount. in this type of situation, if the bank is willing to do a short sale, i still see them trying to have the homeowners sign a note or similar. that is if they are even open to a short sale.

does anyone have experience with situations where the sellers do have money but the reason the property fell behind on payments was no fault of their own? are the banks more lenient? (my guess is doubtful). i’m looking for a way to build a case to show the bank so the damage done to the homeowers is minimal.

any feedback is appreciated (sorry for the poor sentence structure…it’s been a long day)

[[[[…where the sellers do have money but the reason the property fell behind on payments was no fault of their own?..]]]

It’s not possible to have a mortgage, have money, not make the payments, and have it no fault of your own.

What? They are claiming they didn’t know that they’d taken out a mortgage?

they have money. they inherited the house. the mother passed away and the brother didn’t have good credit. they put the house in their name and let the brother make the payments. the brother is deceased and they never had any intentions of owning the house. they just wanted to help a family member out.

Just because they say “have money” doesn’t mean they really do.
They could have lots of debt too.
IF the financials do look good, the lender could want more $ or only give a SPO with a promissory note.
Who is the lender?

So far the biggest spread where a borrower had money was 403k reduction with over 100k in the bank…

Having money isnt an issue…

When ever there is any dealing in the real estate then Trustworthy and faithful agents must be hired to assure legal dealings, if the dealing is not legal it can create problems for the buyers and sellers in the future. No wrong method should be used to sell property quickly as it can lead to penalty by the court of law and seizing up of the property.

This is very important and should always kept in mind while dealing in real estate.

Are you sure you replied to the correct post? As a side note, real estate agents are not necessary to ensure legal dealings. Also, I don’t believe there is any mention of illegal activity in this post.

I’m working a ss with BOA right now and something similar is happening. I’m not sure if it’s BOA (they’re always a pain in the @ss) or the situation but it’s been difficult for them to accept the property as a ss.

Owners let sister stay in the property and sister didn’t pay and didn’t clean and house is in bad shape. Definitely upside down. Problem is, the husband makes a good deal of money. They have been in and out of hospital with health issues so they do have a hardship but BOA has not been easy on them since they have the income.

They’ve been trying non-stop to get them into the HAFA program and they’ve delayed a counter offer for 4 weeks since they did the BPO…

Long story short - its been more difficult to get this one through.

i’ve actually went the route of purchasing the note…it’s in the process of being evaluated now.

boa is tough, good luck.

When there is never any case in real estate, and insurance and faithful servants should be recruited for service of legal relationships, whether the case is not legal, can create problems for buyers and sellers in the future. There is nothing wrong method should be used to sell the property quickly because it can lead to punishment by the court of law and seizing property.