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Is this a foreclosure or short sale?

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May 31 2009
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Answers (1)

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Owner submitted:

This will be a short sale!  Disclosure:  My desire is to keep my home but I am on disability and cannot afford to stay unless I am able to negotiate with Ditech my 2nd lender and pay off my 2nd.  Ditech has informed me that they will not negotiate unless my home is listed for sale.  If the negotiations do not go well, I am a very motivated seller!  Although Ditech will have a say in this, any offer is game as I will be looking to move by July.

Working with the lenders has been extremely frustrating and unproductive.  Clearly, once the 1st mortgage, broker, expenses and fees are paid there will be nothing remaining for holder of the 2nd.  And I mean $0.00.

Would Ditech rather get nothing and have me sell rather than sell the note at a discount?  I have offered to cash in 401k's (hardship withdrawl) to keep my home, and it appears they would rather get nothing and have me move.

If you are interested, keep in touch as the place has been well maintained and you will be making a good investment.

Please free free to post your thoughts and if you have any information that may assist me it would be greatly appreciated.

Smitty
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