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 daburgos
Joined: 14 Aug 2008
Posts: 1
1.27 Dollars($)
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 Posted: Thu Aug 14, 2008 7:35 am Post subject: How lenders treats short sales on 2nd homes, or vacational h |
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| How lenders treats short sales on 2nd homes, or vocational homes? I really need help, to find out how lenders treats short sales on second homes or vacational homes |
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jenkin7
Joined: 04 Jun 2007
Posts: 4309
Location: Hawaii
681.19 Dollars($)
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| Posted: Fri Aug 15, 2008 2:56 am Post subject: |
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Hello daburgos. Welcome to the forum.
You have problems to make the mortgage payments. So inform the bank that hardship that you are presently facing? You can opt short sale but the mortgage company can sue you for the deficiency judgment if you owe more than the outstanding balance of the loan amount. How much do you owe to the mortgage company still now? |
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smithsussane
Joined: 18 Sep 2008
Posts: 4523
Location: Alaska
441.73 Dollars($)
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| Posted: Wed Oct 01, 2008 11:15 pm Post subject: |
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Hi daburgos!
Welcome to the forums!
You will be asked to pay off the deficient amount resulting from the short sale. If you don't pay, the lender can sue you.
Sussane |
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