how to stop a short sale of your home

danpeariso · Joined: 30 Sep 2008 Posts: 3 2.18 Dollars($)

how to stop a short sale?

gmakerley · Posted: Tue Sep 30, 2008 1:02 pm Post subject:

you need to clarify your question so we know what it is you truly mean.

danpeariso · Joined: 30 Sep 2008 Posts: 3 2.18 Dollars($)

I would like to stop the short sale of my home and try and make it

gmakerley · Posted: Tue Sep 30, 2008 1:08 pm Post subject:

i guess that means it is under contract with a buyer. if that is the case, you'll want to speak with your realtor, your lawyer (i hope you have one) and the buyer and the lender you are with. this is something that will have to be adjudicated by all of the above with your input. i don't suppose it will be easy.

danpeariso · Joined: 30 Sep 2008 Posts: 3 2.18 Dollars($)

thanks

Guest

can a bank do a short sale without written consent of the homeowners?

gmakerley · Posted: Fri Oct 10, 2008 7:24 am Post subject:

a homeowner gives written consent to a lender to take corrective measures when said homeowner signs a promissory note reflecting the promise to pay back the loan that was granted.

so many people think that they have to give permission to a lender to enforce its loan. permission was granted at closing.

Guest

i have retained the service of a loan modifacation company but my house is under short sale by the bank...what can i do to stop the short sale...will bankruptcy help my situation...under what circumstances can i file for a stay of the foreclosure

Niicss · Posted: Fri Oct 24, 2008 1:44 am Post subject:

Hi diana,

You can speak to your bank about the loan modification process and tell that you will try to pay off the debts after loan modification. If the bank does not agree and decides to go in for a short sale, you can file Chapter 13 bankruptcy. This helps in reorganizing the debts. By filing this bankruptcy, you will be able to save your property. The lender will give you a different plan with which you will be able to payoff the debts within a period of 3-5 years.

Thanks.

Guest

Hi Everyone,
How to stop short sale when hardship letter is not written, bank doesnt know yet and only realtor put house in list. Now i am changing my mind. Is it possible.. I guess it is .

Niicss · Posted: Mon Jul 27, 2009 2:35 am Post subject:

You should contact the realtor and ask him to remove the property from the listing. If you haven't informed the lender about your short sale plans, then removing the property from the listing will help you in stopping the short sale.

Guest

My friends home loan documents indicated the loan was assumable and I offered to assume the loan. The mortgage company sent me an Assumable Package and I completed it and returned it immediately. Now the mortgage company is stating that the loan is not assumable. Can they do that?

smithsussane · Posted: Wed Aug 19, 2009 11:43 pm Post subject:

Hi Berkeley!

Welcome to forums!

If your loan documents states that the loan is assumable, then the lender should allow you to assume the loan. In my opinion, you should speak to the lender and check out as to why you won't be able to assume the loan. You may even take the help of an attorney to negotiate with your lender.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Thu Aug 20, 2009 10:19 am Post subject:

a loan may be assumable in general terms, but a specific assumption is based on the qualifications of the person who wishes to assume. the bank has full discretion to determine if someone is eligible to assume a loan.
it's doubtful that an attorney is going to be able to negotiate with a lender and persuade them to approve a loan that may not be approvable.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Bank is sayign based on the data you sent them.

You can always ask the reason why the bank is not accepting you application

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