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Old 07-12-2010, 03:40 PM
 
4 posts, read 10,607 times
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We are trying to do short sale for our house in IL. First bank offered 10% to second (US bank). But they want 30% in order to submit the file to the investor for approval. This is almost 70K. We defenetly don't have these money.

My question is can banks go after our salaries in case second bank never agreed and we will have to go for forclosure? We have 2 incomes but don't have any extra money(our salaries dropped since we bought house, plus we have extra expenses) its why we are seling the house. What we should do?
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Old 07-12-2010, 03:42 PM
 
Location: NJ
17,579 posts, read 39,816,751 times
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What state are you in? In a recourse state I believe they can come after you.
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Old 07-12-2010, 03:57 PM
 
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we are in IL. Do they consider my other debits/expenses? Like my daughter is in college and I have Parent Plus loan, or my son playing travel hockey(which is almost the same as paying another college). Would I be able to pay these expenses first?
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Old 07-12-2010, 04:08 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,931,057 times
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You should consult with an attorney and CPA that handle short sale/foreclosure cases. If you are working with an experienced short sale agent, they may be able to give you referrals.
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Old 07-12-2010, 04:28 PM
 
Location: Barrington
45,950 posts, read 34,120,349 times
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Illinois is a recourse state as most states are. They can come after you for a deficiency judgment. That you have 2 incomes and discretionary expenses may make this more likely.
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Old 07-12-2010, 05:18 PM
 
Location: NJ
17,579 posts, read 39,816,751 times
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As has been mentioned, you definitely want to consult with an attorney/accountant. I believe that currently bankruptcy will take care of the bank coming after you, but that is certainly something you want to discuss with a professional.
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Old 07-13-2010, 07:53 AM
 
4 posts, read 10,607 times
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Thank you all. I will definitely consult an attorney. If any body was in the same situation, will appreciate any suggestions from personal experience.
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Old 07-13-2010, 08:19 AM
 
228 posts, read 730,493 times
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Quote:
Originally Posted by susank11 View Post
... What we should do?
This is probably not what you want to hear but how about reducing expenses by bringing the college student home and find another activity for the hockey player? Will that be enough to meet your financial obligations? Perhaps when things improve and with a little saving the college education can resume.
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Old 07-13-2010, 08:47 AM
 
359 posts, read 983,239 times
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Not trying to be judgemental here but your house is in foreclosure and you still have your son playing travel hockey? Tournaments, hotels, etc???? I understand your son probably is very good and loves the game, but that is some serious money! I'm not saying he shouldn't play but what, a house league not good enough? You might want to consider re-evaluating your priorities.
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Old 07-13-2010, 09:03 AM
 
4 posts, read 10,607 times
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Please don't judge. Every person choose what is most important for him. For me my daughters good education(and we not just picked expensive college, there are many good reasons), and my son's Travel hockey(and there are good reasons too) are more important then very nice, brand new house with hard woods and expensive windows decorations.
Please NO lectures.
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