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assets: Can I Short Sale My Home If I Have a Good Income or Substantial Assets?
- 11/09/10 01:18 AM
The answer is ABSOLUTELY! I recently did a short sale on an investment property where my client owns multiple properties (1 with no mortgage), has substantial equity in his primary residence, and over 500k in liquid assets and retirement accounts. His lender was Wells Fargo - he was released from a deficiency did not have to bring any money to closing, and did not sign a promisory note.
This is not always the case and each situation is different. Some of the variables are: Who is the lender and how many mortgages are there? Does the loan have mortgage insurance? Who actually owns the loan (most … (5 comments)
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The answer is ABSOLUTELY! I recently did a short sale on an investment property where my client owns multiple properties (1 with no mortgage), has substantial equity in his primary residence, and over 500k in liquid assets and retirement accounts. His lender was Wells Fargo - he was released from a deficiency did not have to bring any money to closing, and did not sign a promisory note.
;)
;)
