Short Sale Scenarios, can I save these homeowners from foreclosure with a short sale?

Hi,

Single woman, at the time, bought a home in her name. Met her husband and then they together bought a new home. They now have a new baby and have stopped making payments on their old home and are living in their new home. Do I have a chance to save the lady from foreclosure if she bought another home with her husband. Financial hardship is going from full time to part time work. 1st loan is B of A and 2nd loan in Wells Fargo.

Scenario number 2

Newly married couple, husband bought a home when he was single and is in his name, wife has decent credit, ok income, her mom in law lives with them and they want to short sell this house and buy a new house for all of them to live using his wife's income and his mom's. Then, the husband wants to short sell his house when the wife and mom in law buys a new one. Bank is Indy Mac for the first and Citi Mortgage for the second. ALL PURCHASE MONEY Has anyone had this situation and successfully close the short sale. They do have a financial hardship.

Thanks Superstars!!

Kelly

Replies

Smitty May 17, 2011 at 6:51am

I agree with Jeff. Two thumbs up. Always have them do a run down of their expenses vs income and that will give you a clearer picture. If their expenses far outweigh their income, you'll have an easier time.
Jeff Payne May 17, 2011 at 4:25am

Yes and Yes based on the information given since they both have financial hardships, that is the key. The second one seems a bit sketchy though

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