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Answers (7)
- Spartak Hovakimyan, "shovakimyan"
- Contributions:26
Well, Is the loan for the pool a personal loan? Is it secured by your home? Did you refinance and get HELOC or cash out for the pool construction? I need to know the terms of the loan for the pool to answer your question.
- Diane Smugeresky, "jesuschrysler"
- Contributions:63
If the lender allows the short sale...or lenders in your case...the loans will be paid off at close of escrow and you will not have any more financial resposibility towards them ! You first, however, must call the lenders to start the process yourself. They will send you all the necessary paperwork to fill out .
- SDExclusivePropertie
- Contributions:13
There is a lot that goes into answering your question properly. You have to determine if it is in fact going to be a short sale, if you would be able to at least pay off the first loan or if you would be short on both.
If you are short on both, then there are two negotiations, one with each lender.
For a lender to approve a short sale, they have to approve both the price they will be getting for the house (in other words, the loss they will assume) and your reasons for not covering that loss yourself.
Be sure to seek a reputable professional in your area to help guide you to the process
- Reba Haas, "reba_haas"
- Contributions:620
I'm not sure what a pool has to do with the potential of doing a short sale. Can you be more specific? Be prepared to provide a large amount of documentation showing your need to do a short sale - including developing a hardship letter explaining your circumstances.
Basically, as a homeowner, when you want to sell your home short, you must show that you cannot make up for the "short" amount of the loans. If you can afford to pay it, you may be asked to sign a promissory note for the difference. We're seeing more and more of that today.
If you have a true hardship, then you will likely want to go to check out websites that have more info such as www.cdpe.com where you can learn about what a short sale is and to find agents who have experience in distressed property sales.
Basically, as a homeowner, when you want to sell your home short, you must show that you cannot make up for the "short" amount of the loans. If you can afford to pay it, you may be asked to sign a promissory note for the difference. We're seeing more and more of that today.
If you have a true hardship, then you will likely want to go to check out websites that have more info such as www.cdpe.com where you can learn about what a short sale is and to find agents who have experience in distressed property sales.
- wetdawgs
- Contributions:26854
Both loans are due upon sale. If you are eligible for a short sale, the lenders will have to agree to the pay off amount. Short sales aren't automatic just because you owe more than the selling price, but must be justified by hardship (such as loss of job, medical, death, divorce etc)
- Nicole Costas, "NicoleCostas"
- Contributions:12
Your loans will be negotiated and paid off according to what the new buyer will be willing to pay and the negotiator for your lender will be willing to accept. Please go to luxuryshortsalesinlosangeles.com for plenty of free information.
- Angie Boggeman, "angie boggeman"
- Contributions:469
I am not understanding what your question is. If you do a short sale, all lien holders have to agree to the sale terms. Usually the Jr. lien holder doesn't get a very high ratio of what is owed to them. They can hold up the approval of the short sale.
what will happen to my loans if i wanna sell/short sale my house a with a pool?
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