Profile picture for blodgettbear

When the bank says they can sell a house for a reasonable rate what do they really mean?

I have been trying to get my house's mortgage modified and they bank told the Lawyers they would help me sell my house for a reasonable  rate because they refuse to help me by modify my loan What do they  really mean? Are they really saying they will do a quick sale? What do they mean?
  • July 02 2009 - Tacoma
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Answers (2)

Profile picture for real estate mike
Your lawyers might can get a nonrecourse short sale for you? The bank eats the difference.  
  • July 02 2009
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I am guessing they mean that they are unwilling to modify your loan terms outright, but would consider approving a short sale.  This would mean they would accept less than what is owed on the mortgage, but not without concequences to you (namely to your credit score).  Although, it is still a much better alternative to forclosure. 

Some lenders will come after you for a deficiency judgement after the sale to make up the difference, so be careful, and read everything you sign! 
  • July 02 2009
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