Replies to This Discussion

Permalink Reply by Nanette Schoppmann on August 11, 2011 at 6:41am

Hi, I am the seller of a short sale. We were current and at the moment technically no financial hardship.  My husband is going to lose his job at any moment and we were trying to sell our house before we would end up in foreclosure. We will have ours jobs so we can still pay the mortgage but that will change at any moment.  Anyway we are current and we got approval from our bank.  Good luck

Permalink Reply by The Negotiator on August 11, 2011 at 6:51am

You shouldn't have a problem.

Permalink Reply by Jeff Bradshaw on August 11, 2011 at 9:19am

Being current you may have to do a prom note or cash to close. Check to see if there is MI on the loan. It depends on the investor the owns the loan and if you have MI on whether it will be approved, have a prom note or cash to close. Also states without deficiancy rights can change the guidelines of the decision being made. Good Luck.

Permalink Reply by Smitty on August 12, 2011 at 12:57am

Well there is MI on the loan and I called them.  They said they would approve a short sale if she was current, however because there is MI it would likely be denied.  They also said there wasn't strong enough hardship.  She is almost $75,000 in debt on loans, credit cards, etc., and TRYING to do the right thing by paying the mortgage.  This one may be an uphill battle.