Forum

Replies

  • Wendy Rulnick October 26, 2010 at 6:29am
    Jeff - I agree, what a predicament for the seller.

    Jeff Payne said:
    OK, so don't forgive the debt and approve the short sale. Good luck getting blood from a turnip. The key word in your sentence is "ATTORNEY" By not forgiving the debt, that means billable hours for the attorney to chase the borrower for the money even when they know the borrower has no money. Good biz for the attorney, BAD for everyone else.
  • Jeff Payne October 26, 2010 at 3:45am
    OK, so don't forgive the debt and approve the short sale. Good luck getting blood from a turnip. The key word in your sentence is "ATTORNEY" By not forgiving the debt, that means billable hours for the attorney to chase the borrower for the money even when they know the borrower has no money. Good biz for the attorney, BAD for everyone else.
  • Wendy Rulnick October 26, 2010 at 3:37am
    Jeff, Their attorney also said " Vision Bank does not participate in short sales, if you mean there would be forgiveness of debt involved."

    Jeff Payne said:
    We will probably see Vision being taken over by the Feds before you know it! Won't do a short sale? I guess they would rather foreclose and hope that they can get some money from the borrower. I won't be sending anymore buyers to Vision for the financing anymore
  • Jeff Payne October 26, 2010 at 3:32am
    We will probably see Vision being taken over by the Feds before you know it! Won't do a short sale? I guess they would rather foreclose and hope that they can get some money from the borrower. I won't be sending anymore buyers to Vision for the financing anymore
  • Wendy Rulnick October 25, 2010 at 10:11am
    Vision just informed me they don't allow short sales, but may release their lien and deal with the deficiency after closing. Specifically, their attorney says:
    "If a Vision borrower finds a buyer for his property and wishes Vision to release its mortgage, the borrower would have to pay or make arrangments satisfactory to Vision for the deficiency on the loan balance after proposed sale of the collateral."
This reply was deleted.
********************************** like buttons ************************