Click here to get back home

home with zero equity or negative equity
 Home | NewsGroups | Search | About
Login Password
Register Now!
 alt.org.natl-assn-mortgage-brokers    Post an article   get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content
Subject Author Date
home with zero equity or negative equity ScottWard22 11-20-2006
Posted by BETA-2 on November 30, 2006, 9:41 pm
Please log in for more thread options
>
> I'm pretty sure that a short sale is any sale where the proceeds of sale
> do not cover the existing indebtedness. The seller is burdened in this
> case with covering the shortfall. .......

Here are a few links that do a better job of explaining what I was trying to
say about short sales:

http://real-estate.lawyers.com/residential-real-estate/Buying-A-House-In-A-Short-Sale.html



http://www.legalwiz.com/freearticles/shortsale.shtml



http://www.mortgagenewsdaily.com/752005_Real_Estate_Short_Sale.asp



I learned about short sales when I was trying to buy a property from a
couple that only wanted to be able to walk away from the property without a
foreclosure on their record. It's a long story, and I didn't end up buying
the property. But, during the process the owners told me that a realtor
they had was trying to work out a "short sale". That got me looking up what
a short sale is and that's when I found out about how they work in certain
circumstances.



Posted by =?iso-8859-1?B?VuludXM=?= on December 1, 2006, 2:26 am
Please log in for more thread options
>>
>> I'm pretty sure that a short sale is any sale where the proceeds of sale
>> do not cover the existing indebtedness. The seller is burdened in this
>> case with covering the shortfall. .......
>
> Here are a few links that do a better job of explaining what I was trying
> to say about short sales:
>
>
http://real-estate.lawyers.com/residential-real-estate/Buying-A-House-In-A-Short-Sale.html
>
>
>
> http://www.legalwiz.com/freearticles/shortsale.shtml
>
>
>
> http://www.mortgagenewsdaily.com/752005_Real_Estate_Short_Sale.asp
>
>
>
> I learned about short sales when I was trying to buy a property from a
> couple that only wanted to be able to walk away from the property without
> a foreclosure on their record. It's a long story, and I didn't end up
> buying the property. But, during the process the owners told me that a
> realtor they had was trying to work out a "short sale". That got me
> looking up what a short sale is and that's when I found out about how they
> work in certain circumstances.
>


Good thing you didn't buy, because some loans are not assumeable.


Posted by BETA-32 on December 1, 2006, 4:38 pm
Please log in for more thread options
>
> Good thing you didn't buy, because some loans are not assumeable.

True, and none of these loans were assumable. I knew that going in but I
had a way of handling it that I know would have worked -- except for that
pesky 3rd mortgage that a rip-off company conned the owners into taking. It
was a high interest, very high fee and points mortgage and they gave the
owners a 125% LTV loan. The owners were doomed from the get-go on that
mortgage but they didn't know it at the time.



Posted by Jeff Strickland on December 3, 2006, 2:02 pm
Please log in for more thread options
You are still describing a sale where the proceeds do not cover the
indebtedness.

While the bank might write off 5 grand, or so, my short sale was closer to
30 grand. The bank is not going to write off 30 grand on a short sale, and
then turn around and allow a subsequent purchase -- which is where the OP
was heading with his question.

My short was not prompted by payment problems, I wanted to move up to a
larger home. So, I was simply not able to complete the desired transaction
because I could not cover the shortfall. Obviously, the OP is having a
struggle that brings him to a short sale, but I was simply illustrating the
idea that a short sale was a sale the did not generate proceeds to cover the
debts. Your links provide details on how a short is structured and where one
might employ them, but they support the concept I put forth.




>>
>> I'm pretty sure that a short sale is any sale where the proceeds of sale
>> do not cover the existing indebtedness. The seller is burdened in this
>> case with covering the shortfall. .......
>
> Here are a few links that do a better job of explaining what I was trying
> to say about short sales:
>
>
http://real-estate.lawyers.com/residential-real-estate/Buying-A-House-In-A-Short-Sale.html
>
>
>
> http://www.legalwiz.com/freearticles/shortsale.shtml
>
>
>
> http://www.mortgagenewsdaily.com/752005_Real_Estate_Short_Sale.asp
>
>
>
> I learned about short sales when I was trying to buy a property from a
> couple that only wanted to be able to walk away from the property without
> a foreclosure on their record. It's a long story, and I didn't end up
> buying the property. But, during the process the owners told me that a
> realtor they had was trying to work out a "short sale". That got me
> looking up what a short sale is and that's when I found out about how they
> work in certain circumstances.
>
>


Posted by BETA-2 on December 8, 2006, 1:38 am
Please log in for more thread options
> You are still describing a sale where the proceeds do not cover the
> indebtedness.

I agree, and I know we are both describing a situation where the proceeds do
not cover the indebtedness. I was just trying to make the point that a
short sale is a term used in the investor world where an investor is
sometimes able to resolve the debtor's problem by working out a short sale
with the lender(s).



Similar ThreadsPosted
Newbie Guide of the Day: Home Equity Loans - A Walkthrough Guide of Home Loans May 15, 2006, 4:12 pm
Equity Acceleration April 15, 2007, 12:42 pm
Equity Acceleration April 15, 2007, 12:44 pm
Golf Equity Financed June 14, 2006, 2:50 pm
looking to refinance existing equity line for 30 year fixed July 7, 2005, 10:23 am
Home purchase April 11, 2005, 3:25 pm
the max home I can afford? June 22, 2005, 9:45 am
Buy a home with NO MONEY down August 15, 2005, 2:44 am
Credit Challenged? Want to buy a home? April 3, 2005, 7:18 am
Buying home advise October 22, 2005, 10:39 am

Our other projects:

Art Dolls, Fairies and Mermaids - Sunnyfaces.net

Roy's Linux, Programming and Search Engines messages

1-Script XML SitemapXML Sitemap