Today Short Sale are getting approved, and some banks want the seller to help pay to close the deal.
If your loan is with Bank of America/Countrywide, or if you have a second and YOU ARE THE SELLER _ you need to expect to PAY something to contribute to the sale of your home.
3 of my recent Short Sale approvals in Tracy CA, and one in Mountain House expected contributions from the seller.
Think of it this way Mr & Ms. Seller - if your bank said to you - "Give us $10,000 and we'll put $100,000 in your account would you do it? Of course you would. This is a similar situation. The Bank (loan holder) is offering to eliminate your debt in exchange for you paying something. Sounds like a deal to me.
Yes you can still go into foreclosure, and I always recommend seeking the advise of a good attorney before deciding to proceed with a short sale or going forward with a foreclosure.
Mr /MS Seller if you're not paying your mortgage, save some of that money so you can contribute towards the sale of your property if you are asked.
Comments(8)