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Owner has 6 properties with mortgages with same bank but needs to do a Shortsale in 3 of them ! Is it possible ?

Posted by Giovanni Freitas on March 25, 2012 at 1:53am in Short Sale Discussions
A Foreign National owner needs to sell 3 of his 6 properties where he can no longer afford to pay for all 6 properties. The issue is that all 6 of these mortgages are with the same bank and I want to see if there is a possibilty to still do it. The price range are between $ 260,000 to $ 500,000. Have you seen a situation like this before happened? How flexible will be the bank to understand and approve a shortsale in this case as the owner will keep 3 mortgages but not 6.

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Replies

  • Suzanne Kensington March 26, 2012 at 5:05am

    Yes, I have had great success with this.  They treat each property individually even if it is the same investor.

  • Wendy Rulnick March 25, 2012 at 2:27am

    Giovanni - This is absolutely possible, and I've done it before many times. Understand  - the "lender" is mostly like just the loan "servicer". Each one of the properties probably has mortgages with DIFFERENT investors. Go forward.

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