Short sale with S corportation?

Foreclosures, Short Sales, Tax Foreclosures
1

I have a client who owns three rentals, two of which are under his S corporation. Has anyone dealt with a Short sale where the property was owned under an S Corp and if so please let me know what to expect? Does the lender look at the financial information of the S Corporation and/or the borrowers personal financial information?

Sheila

2

Also, if the lender does look at the borrowers personal financial info and sees that the borrower has a lot of equity on his own personal home, can the lenders of the three rentals reject his Short Sale because he has the means to make up the difference of the short?

3

These are great questions, who is the lender (you may have said I’ll go back and check your postings again) and which state are you in?

4

There are 3, one for each house he owns. Countrywide, BOA and Chase Manhattan. Houses are in both KS and MO.