Hi, ok this is my problem. i have 3 houses, one just started the foreclosure process. I called the lender and he gave me some advice…
Ok i paid 318,000 for the house and had listed for 419,000 but just dropped it to 375k for quick sale but dont really have the time
My question is that i could short sale it, right… A friend of mine might do it but how much would he offer. The mortgage is for 308k and 13,000 in late payments. What should i do. if the bank takes less am i responsable or does it go on my credit… thank you
Please will you rewrite your email as I am not sure what is actually happening just because some of your punctuation and sentences don’t make sense. Who is listing it at 419,000? Who doesn’t have the time?
What do you mean by "If the bank takes less, am I …?
If I understand correctly you are asking if you can get someone to do a short sale on a house you own going into foreclosure. The answer is yes. However, based on your numbers, if it is really worth $375,000 and you only owe $308,000 the bank will probably not accept a short sale unless there is lots of work needed.
Depending on how close you are to foreclosure you may have to walk away from your equity and let someone buy it at what you owe. Or, find a way to make up your back payments until you can find a buyer.
I apologize for my letter; I did not read your post correctly. I checked out a site called www.shortsalecenter.com. You may get some of your questions answered there and may find some help, as well.
What I gather is the same as Tom; your short sale option only is applicable when the owner owes more than the property is worth.
Be creative and don’t lose heart- there are many resources to work with. If your friend wants to buy the house, it appears that he would have to offer $321,000 to get you out from under the mortgage and back payments. Probably more to cover any incidentals that may arise.