The answer is possibly depending on your lender. However it is something that can be negotiated. Depending on your situation, most lenders have not been requiring them. My experience is if you have mortgage insurance you have a higher chance of you lender requiring a promissory note...well actually your mortgage insurance carrier requiring it.
Other situations requiring it would be if the appraised value of your home is much higher than what the offer is. If you are selling your home for $120,000 and the appraisal your lender did comes in at $150,000 they may be willing to sell it if you sign a promissory note for a percentage of the difference. Now if your Realtor is experienced in dealing with Short Sales, that situation can be usually remedied before it even becomes a problem.
The best solution for your short sale needs is first ensure you are dealing with a Short Sale Specialist. To get more important facts regarding short sales go to www.shortsaleauthority.net to get a FREE copy of our book "Home Owner's Guide to Real Estate Short Sales." Serving Medford, Central Point, Eagle Point, White City, Phoenix, Talent, Ashland, Gold Hill, Rogue River, and Grants Pass Oregon.
Comments(1)