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!!!!
Replies
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.