Real estate blog entries tagged with short sale promissory notes by Chris Ann Cleland, Associate Broker, Northern VA (Long & Foster REALTORS®, Gainesville, VA)

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Home : Blogs : Chris Ann Cleland, Associate Broker, Northern VA : Northern Virginia Real Estate News & Opinion : Tag "short sale promissory notes"

short sale promissory notes: What Northern Virginia Short Sale Sellers Need to Know about Promissory Notes - 09/16/09 04:45 PM

What Northern Virginia Short Sale Sellers Need to Know about Promissory Notes
Northern Virginia short sale sellers are not always given a "get out of jail free" card when it comes to gaining short sale approval from their mortgage holders. More frequently, mortgage holders are asking for a certain amount of money to repaid at settlement, in the form of a cash contribution, or through a a promissory note (signed agreement to repay through pre-determined installments).
The amount is a portion of the remaining balance of the loan, not satisfied by the proceeds of the home sale. How the mortgage holder determines the amount … (7 comments)

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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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