"Michelle - As you know, in CA if the lender approves a short sale, by law the lender cannot ask for borrower contribution or promissory note and there is NO deficiency. If the borrower OFFERS payment, all bets are off. The borrower may…"
"We want to settle the 2nd so we can do a regular sale and payoff the 1st, the 2nd would still net way higher than short sale amount and the sellers would keep their credit in better shape. In theory anyway, I havent done it before hence the…"
"That's still a short sale. You might be able to get an approval letter up front from BOA but if you're short on the 2nd's payoff, you're still a short sale.
The seller can either pay the difference at closing or do a short…"
"I think a settlement for less than what is owed is by definition a short sale ... I've done successful shorts with customers who COULD cover the difference but didn't want to but I've never tried to get them to release the lien as…"
"It's my understanding that GT does not approve HUDs. They have a disclosure right at the bottom of their approval letters stating t they do not dictate how the HUD is prepared.
I'm not in CA but I would be shocked if their were a law that…"
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