Zillow Advice RSS: Question-Discussion-Guide,Local Topics,VA http://www.zillow.com/advice/VA/local-topics/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate what does contingent (no kick out) mean in case of a short sell? http://www.zillow.com/advice-thread/what-does-contingent-no-kick-out-mean-in-case-of-a-short-sell/288585/ <p>I'm not an Attorney, however, I believe that in New Jersey&nbsp;it is after the offer is accepted on a real property that the contract could be contingent on something such as an Inspection. This contingency don't provide the seller with any right to accept another contract.</p><p>Also most contingencies come with a no-kick-out clauses, e.g., home inspection, radon inspections, finance/mortgage, property appraisal, etc, etc, etc.</p><br \><br \>0 replies Mon, 14 Dec 2009 19:24:00 GMT http://www.zillow.com/advice-thread/what-does-contingent-no-kick-out-mean-in-case-of-a-short-sell/288585/ 2009-12-14T19:24:00Z THIS HOUSE IS PRESENTLY IN REVESE MORGAGE..WHO WOULD I CONTACT ABOUT SETTLEING THIS DEBT? http://www.zillow.com/advice-thread/THIS-HOUSE-IS-PRESENTLY-IN-REVESE-MORGAGE-WHO-WOULD-I-CONTACT-ABOUT-SETTLEING-THIS-DEBT/308596/ You probably need to talk to an&nbsp;attorney where the <a href="http://www.zillow.com">real estate</a> is located to make sure you go through the correct steps to&nbsp;handle the real estate&nbsp;&amp; the <a href="http://www.zillow.com/mortgage-glossary/Reverse-Mortgage/">reverse mortgage</a> you refererenced.<br \><br \>0 replies Thu, 24 Dec 2009 03:31:00 GMT http://www.zillow.com/advice-thread/THIS-HOUSE-IS-PRESENTLY-IN-REVESE-MORGAGE-WHO-WOULD-I-CONTACT-ABOUT-SETTLEING-THIS-DEBT/308596/ 2009-12-24T03:31:00Z Have to move but house in underwater but want to protect other assets http://www.zillow.com/advice-thread/Have-to-move-but-house-in-underwater-but-want-to-protect-other-assets/400512/ Khatcherlex,<br/><br/>Truthfully, ONLY your lender can answer that question because&nbsp;you are asking your lender to forgive your mortgage debt .... while you yourself&nbsp;are trying to protect your *other assets*.....<br/><br/>When&nbsp;borrowers/homeowners apply for a short sale, they must disclose&nbsp;ALL their&nbsp;financial information: tax returns, W-2, bank accounts, etc in order to prove that indeed&nbsp;they are suffering a financial hardship and cannot payoff&nbsp;their mortgage. &nbsp;<br/><br/>Because you are selling&nbsp;due to job relocation, your lender most likely will be willing to work with you and approve the short sale - provided your home receives a FAIR MARKET OFFER. This is why it is in your best interest&nbsp;to keep your home in a good condition and buyer ready. <br/><br/>However, the lender may ask you to contribute to paying off the loan (= write a check at the settlement table) or your lender may reserve the right to file a deficiency judgment for the remaining balance of the loan.<br/><br/>I always advise my clients to seek guidance from an independent tax advisor and real estate attorney so they can make an INFORMED decision based on their personal and financial situation.<br/><br/>I am a certified short sale specialist, CDPE, SFR, CHRE. Let me know if you would like to discuss the details or if I&nbsp;could help you. <br/><br \><br \>0 replies Mon, 27 Jun 2011 20:11:00 GMT http://www.zillow.com/advice-thread/Have-to-move-but-house-in-underwater-but-want-to-protect-other-assets/400512/ 2011-06-27T20:11:00Z