Has anybody had a small bank DEMAND FULL REPAYMENT of loan before helping with a Short Sale?

I have just hit a brick wall with a small bank here is GA

It is an investment property with one loan with Brand Bank at $225K and is only worth $120K

We have a $120K offer but Brand Bank has handed it over to a Foreclosing Attorney and that is who

will be "helping" with the Short Sale.

We were told last week by the Manager at Brand Bank that they WOULD allow is to do a Short Sale but that would require the additional monies from the homeowners???????????

Does the Mortgage Relief Act of 2007 apply here or WHAT DO WE DO NOW????

ANY and all input would be greatly appreciated!!!

Thanks!!!!

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Permalink Reply by Jeff Payne on April 18, 2012 at 5:09am

Ok which is it?  Full Payment demand or additional money from the homeowner?  Homeowners get the request for additional money frequently.  Many small banks and credit unions will require the homeowner to make arrangements to repay the amount of the difference, not unusual. 

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