Comments - Incarcerated Seller - Short Sale Superstars2024-03-29T05:40:40Zhttps://shortsalesuperstars.com/profiles/comment/feed?attachedTo=3468065%3ABlogPost%3A69228&xn_auth=noYour short sale criteria will…tag:shortsalesuperstars.com,2011-01-28:3468065:Comment:694272011-01-28T00:10:03.977ZDebra Enoshttps://shortsalesuperstars.com/profile/DebraEnos
<p>Your short sale criteria will remain the same. There is true hardship here, there is no income :) Unless he has other tangible assets or bank account you shouldn't have any problems. Get him to sign all documents upfront, disclosures, releases, etc. to reduce trips to meet him. If he has no other assests have him put it in his hardship letter. Just make sure that you allow additional time for closing when the time comes because of the "signature" issue. Most jails have internet access,…</p>
<p>Your short sale criteria will remain the same. There is true hardship here, there is no income :) Unless he has other tangible assets or bank account you shouldn't have any problems. Get him to sign all documents upfront, disclosures, releases, etc. to reduce trips to meet him. If he has no other assests have him put it in his hardship letter. Just make sure that you allow additional time for closing when the time comes because of the "signature" issue. Most jails have internet access, I wonder if electronic signatures could be done here. Is this client the only one on the mortgage? Or is there a spouse?</p> That sounds like about what I…tag:shortsalesuperstars.com,2011-01-26:3468065:Comment:692342011-01-26T15:43:17.231ZBill Garretthttps://shortsalesuperstars.com/profile/BillGarrettWilmingtonDE
<p>That sounds like about what I would expect. My sense is the lender should be able to understand quickly there is zero abilty to get a "contribution" or promissory note from the seller. I'm guessing it's just a matter of demonstrating that the net from the offer exceeds any likely proceeds from a foreclosure auction. Thanks for the quick feedback.</p>
<p>That sounds like about what I would expect. My sense is the lender should be able to understand quickly there is zero abilty to get a "contribution" or promissory note from the seller. I'm guessing it's just a matter of demonstrating that the net from the offer exceeds any likely proceeds from a foreclosure auction. Thanks for the quick feedback.</p> I've dealt with a short sale…tag:shortsalesuperstars.com,2011-01-26:3468065:Comment:692302011-01-26T15:31:18.201ZRichard Kirkhttps://shortsalesuperstars.com/profile/RichardKirk
I've dealt with a short sale for an incarcerated seller and the bank (BofA) looked at just like any other. In fact, they asked for a $5000 cash contribution, but then when we further explained to them the situation, they removed it. If you'll have no problems getting the docs signed by him, go for it.
I've dealt with a short sale for an incarcerated seller and the bank (BofA) looked at just like any other. In fact, they asked for a $5000 cash contribution, but then when we further explained to them the situation, they removed it. If you'll have no problems getting the docs signed by him, go for it.