lender forebearance: Short sales
- 02/25/08 07:40 AM
Useful rule of thumb..average cost to foreclose 55 to 70 K Short sale offers of less than average loss more likely accepted. Offers should stress buyer's committment and patience with short sale process. This may prevail over a higher offer with less committment. Buyers be advised that banks will likely retain right to have seller accept other offers (offer, not back-up) even after a short sale offer accepted. Bank name isn't on the sales contract. For those selling short: A waiver of a security mutually agreed to between the lender and borrower (short seller) to avoid foreclosure may result in a secured debt becoming recourse debt (unsecured). Original purchase money … (0 comments)
Useful rule of thumb..average cost to foreclose 55 to 70 K;)
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