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Eric - First, I don't know if Indymac will concede all those costs on the contract.... I think you gave the seller great advice to seek legal counsel, etc. Have you explained that in terms of future borrowing, Fannie Mae may allow a new mortgage in as little as two years (less if no payments missed, etc). A Deed in Lieue of Foreclosure or Foreclosure will affect Fannie Mae borrowing for 4-7 years, with restrictions. Also, DIL and Foreclosure require affirmative "yes" on mortgage applications. These are facts, you can find them on Fannie Mae website. How the seller will be affected exactly will depend on how Indymac approves the short sale. It is very frustrating to have a seller considering bailing on a signed contract! Let us know what happens.
There is not a whole lot of consistency in short sales. Every experience is different and unpredictable and I warn the sellers up front and remind them over and over. If they have any concerns at all encourage them multiple times to talk to an attorney and CPA. Indymac usually does lien release only in my experience. My experience with Indymac has been that the experience varies GREATLY from negotiator to negotiator. I hope the buyer isn't counting on all of those concessions. :-)
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