My Short Sale Fell Apart Because the Lender Accepted TOO LITTLE??!?! - 08/02/10 06:37 PM
Recently I listed a home for a seller on a short sale. Within 2 months we had an offer and approvals from the 1st and the 2nd mortgages. In fact, the 2nd mortgage gave us a complete release of liability, and the 1st could not pursue the seller due to a bankruptcy.
Should have been the happiest of endings, right? Wrong.
Turns out that the seller had tried to do a loan modification prior to selling, only to be turned down. They simply did not have the kind of income required to support the debt. BUT, when the short sale was approved … (37 comments)

 
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Barbara Charlton REALTOR® 612-414-6721 Minneapolis-St. Paul-Southern Suburbs

Lakeville, MN

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RE/MAX Advantage Plus - The Minnesota Real Estate Team

Address: Charlton and Associates - Lakeville Homes for Sale, 17850 Kenwood Trail, Lakeville, MN, 55044

Office Phone: (952) 898-5800

Cell Phone: (612) 414-6721

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This blog is meant to educate, enlighten, and entertain. If I hit two out of three on any one entry, I have succeeded!


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