Short sale Question

Hello Everyone,

I’m a semi-experienced investor and it looks like I might have my first short sale deal. I’m a little bit nervous due to that short sales seem difficult (dealing with the lenders) My question is would I have a problem doing a short sale if a homeowner has a HELOC(home equity line of credit $28, 000), they are in foreclosure

The short answer is no.

So long as everything pans out, mortgage is greater than value, HO can’t afford payments, etc. it’s exactly the same.

Thanks, One more question if you don’t mind. If the property is schedule for auction in 4 days is there anyway I can delay the auction.

Call the bank with the HO at your side.

Get the HO to give the loss mitigator a verbal Authorization To Release Information.

Ask nicely if they’ll postpone until you get the full package in.

You might get lucky.

Consult your attorney, ASAP.