By Admin on Nov 30, 2008 in Renting & Real Estate
punkinbutt’smama asked:
Rather than get nothing if we file bankruptcy, would a 2nd mortgage company agree to walk away with only a few thousand dollars in a short sale? We anticipate being able to sell for $120,00, but minus realtor fees there would be $113,200 left, and the first mortgage company oluld get $107,000 leaving only about $6,000 left for the 2nd, but we owe them $42,000.
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Rather than get nothing if we file bankruptcy, would a 2nd mortgage company agree to walk away with only a few thousand dollars in a short sale? We anticipate being able to sell for $120,00, but minus realtor fees there would be $113,200 left, and the first mortgage company oluld get $107,000 leaving only about $6,000 left for the 2nd, but we owe them $42,000.
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You might have some leverage. A second mortgagee (lender) is unlikely to foreclose because they would have to assume the first mortgage. All you can do is ask, but unless you are in default they probably won’t talk to you.
realtor.sailor
realtor.sailor | Dec 2, 2008 | Reply
Maybe, but I doubt it. They’re taking it on the chin here either way.
Filing bankruptcy won’t help (or reduce their share to $0), it would only be $0 if the property is foreclosed on and auctioned for less than $107,000.
Unless you are already more than 60 days behind on the mortgage, no one will talk to you about a short sale.
good luck!
Rush is a band | Dec 4, 2008 | Reply