Compare Mortgage Quotes

stephgriffisc21 · Joined: 01 Oct 2009 Posts: 1 1.35 Dollars($)

If the borrowers are going through a divorce and the house had lost value due to the economy and they are uanble to sell the house for the amount they have purchased it for? And if not, is there any other options the borrower has?

Guest

First dont let the lender know about the divorce

jenkin7 · Posted: Thu Oct 01, 2009 10:49 pm Post subject:

Hi stephgriffisc,

It is not always necessary for the borrower to default on the loan, to get a short sale approved by his lender. It actually depends on your particular situation and your lender. Sometimes lenders do accept a short sale even though the borrower is not in default.

If your situation demands you to get rid of the house, you can write a hardship letter to your lender explaining your situation and asking them to accept a short sale of the house. You can also request them for a deed in lieu of foreclosure and sign over the house title to them.

hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

you can go for short sale. but need to pay deficit amount

gmakerley · Posted: Fri Oct 02, 2009 1:56 pm Post subject:

ken, i would dearly love to hear your reasoning for not telling a lender about a divorce. that's just ridiculous.

steph, i don't know of much in the way of other options for you. short sale is, i believe, the least harmful to you.

gmakerley · Posted: Fri Oct 02, 2009 1:58 pm Post subject:

sorry...i don't mean to say that there are no other options, but that short sale is likely the best option under the circumstances.

certainly, there is bankruptcy, deed in lieu of foreclosure, foreclosure - none of which are very appealing.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Can a lender approve a short sale if the borrower is not in default?