Posted on: 19th Apr, 2012 12:47 pm
After I lost my job, I realized I wouldn't have enough to cover my mortgage plus other costs. I did sign a contract but is contingent on the lender accepting the short sale. I am realizing now I can refinace the property and now can afford to keep it as I want to stay in my home. Can I stop the short sale as it has yet to be approved?
Hi erichs!
Welcome to forums!
You will have to negotiate with the lender in order to stop the short sale. This is because you've already signed documents agreeing to the short sale. Moreover, you won't be able to refinance the mortgage as you don't have a job.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to negotiate with the lender in order to stop the short sale. This is because you've already signed documents agreeing to the short sale. Moreover, you won't be able to refinance the mortgage as you don't have a job.
Feel free to ask if you've further queries.
Sussane
Welcome erichs,
It will be completely your lender's discretion whether or not he will allow you to refinance the property once you have already applied for a short sale. Moreover, in order to refinance your property, you need to have 20% equity in it. Unless you meet this criteria, lenders won't refinance your property.
It will be completely your lender's discretion whether or not he will allow you to refinance the property once you have already applied for a short sale. Moreover, in order to refinance your property, you need to have 20% equity in it. Unless you meet this criteria, lenders won't refinance your property.