Short Sale Question

tammyandmarc · Joined: 26 Jun 2008 Posts: 1 1.67 Dollars($)

Hi --- I have had my townhouse on the market since April of 2006 with a couple offers, but nobody qualifies for the loan. It is in Cambridge, MN (30 minutes north of Minneapolis) It is appraised at $152,000 and I currentlly have it listed at $109,500. I have a first with Chase and a second with Countrywide. Has anyone else heard that Countrywide does not do shortsales??

gmakerley · Posted: Thu Jun 26, 2008 2:16 pm Post subject:

i've not heard that.

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi tammyandmarc .

Welcome to the forum.

You need to contact with Countrywide again. They do accept short sale but it may take a bit time. You can hire a real estate agent who has the experience on short sale. He may help you out.

Feel free to ask if you have any more questions

Best of luck,
Larry

brian1 · Posted: Fri Jun 27, 2008 6:09 pm Post subject:

SECONDS do not like to do Short Sales
CW does short sales... They just dont want to agree to get cut out of the picture.........

Good Luck
Brian

smaildaytoday · Joined: 15 Oct 2007 Posts: 52 0.00 Dollars($)

What is the short sale ?

adonis · Posted: Mon Mar 23, 2009 12:11 am Post subject:

Hi smaildaytoday,

A short sale is one of the methods to avoid foreclosure. In this process, you would have to deed away the property to the lender. The lender will then sell off the property in order to recover the debts. The deficient amount resulting from the sale of the property will have to be paid by the borrower to the lender. A short sale will reduce your credit score by 75-100 points.

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