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Permalink Reply by Bryant Tutas on August 1, 2010 at 12:21am

Tonia. You always want to try and sell the property for as close to fair market value as possible. Price it at market value and then slowly reduce the price until it sells.

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Permalink Reply by Tonia on August 1, 2010 at 4:46am

Thank you so much for help! I don't want to get my hopes up that they will do a short sale if the amount they get to pay off the debt is much lower than the actual mortgage amount regardless of the market value. In your opinion will they?

Bryant Tutas said:

Tonia. You always want to try and sell the property for as close to fair market value as possible. Price it at market value and then slowly reduce the price until it sells.

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Permalink Reply by Bryant Tutas on August 1, 2010 at 8:01am

Tonia. The amount owed really doesn't make much difference with a short sale. It's the value of the property that matters. I recently had Chase accept less than $300,000 on a mortgage balance of close to $1,000,000. Sun Trust just accepted $60,000 on $300,000. It's all about fair market value.

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Permalink Reply by Tonia on August 1, 2010 at 10:51am

As far as asserts they consider...the mortgage is in my husbands name only. Will they consider his retirement fund thru work as an asset they want sold. Also I have a 6year old and we have educational IRA, savings account and stock account for. Since it ais a custodial account under my husbands name is that considered an assert?

Bryant Tutas said:

Tonia. The amount owed really doesn't make much difference with a short sale. It's the value of the property that matters. I recently had Chase accept less than $300,000 on a mortgage balance of close to $1,000,000. Sun Trust just accepted $60,000 on $300,000. It's all about fair market value.

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Permalink Reply by Bryant Tutas on August 1, 2010 at 10:53am

Tonia. You should seek legal advice on these issues. If yo have considerable assets then the lender may very well want some of them. You need to protect yourself. Only an attorney can advise you in this area.

Tonia said:

As far as asserts they consider...the mortgage is in my husbands name only. Will they consider his retirement fund thru work as an asset they want sold. Also I have a 6year old and we have educational IRA, savings account and stock account for. Since it ais a custodial account under my husbands name is that considered an assert?

Bryant Tutas said:

Tonia. The amount owed really doesn't make much difference with a short sale. It's the value of the property that matters. I recently had Chase accept less than $300,000 on a mortgage balance of close to $1,000,000. Sun Trust just accepted $60,000 on $300,000. It's all about fair market value.

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