Short Sale Questions?
I'm trying to short sell my holiday home on the beach. I am in sales and takes about 1 / 3 of what it used to. I have a mortgage for about 1st $ 350,000 and a 2nd of about $ 75,000. It seems that the first will receive $ 325,000 in short selling as 1099'd only be for the balance. 2nd Mortgage for $ 3000 will release the lien, but it is clear that I am responsible for the 72K. Should try to negotiate with them in a lower amount before the sale goes through? What keeps me from reaching agreement on 40K words and then stop paying the 40K, because they do not. If I could borrow money than you think it would take to recover as soon as possible? What loan terms do you think I would? Finally, I am stupid for signing the documents before any agreement? I am afraid otherwise we might call the sale off and then I'm stuck with the house. I know that in Florida who can not take my main house or click my paycheck. What would you do? Thanks Fletch
Probably throw a lien on your main home and all the same for the unpaid balance is the tactic that banks are beginning to take a large loss of repos. Actually, unfamiliar with real estate however.
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