After lurking on this site for the last day or so.. I finally joined.. mostly due to the fact that everyone seems to have alot of knowledge on short sales, deficiency judgments and the like
This question I guess is out there for all to see, but will be directed specifically at the individual that is listed as modicfication specialist. (like ur advice so far)
We.. (my sister and I ) inheirted a house in Feb 2009 in Florida.. the loan is of course still in my Moms name.. unfortunatly due to the real estate market we are currently in.. the home is slightly upside down.. due to my own diligent research.. I think it may bring in 165,000 MAYBE.. and that, of course may be pie in the sky.. there have been some recent sales in the area so I have researched comps.. but who knows how long they took to sell
My sister is currently going thru a fairly nasty divorce and is currently living in the property.. the house is now in forclosure.. My sister is trying to modify the mortgage.. I am not able to use my income to help her do this due to the fact that I am not living in the house. ( told this by a California modification specialist) so she is on her own... so to speak..
I, to be honest , do not understand this , because the house was left to both of us.. we just could not sell in this market..
but anyway... to cut to the chase... I am concerned that in order to modify this she will of course be placed on the deed.. and I think, will then become responsible for the note?
At least this is what I have been told..
she has the idea that she will live in it for awhile if it is approved..
maybe a few months ... rent it out .. and then maybe sell it down the road..
My concern for her is of course, if we have not seen the bottom of the property value drop. It could go further underwater... I have advised her that I think that she should walk away.. due to the fact that right now it is not effecting either of us financially.. She doesnt think that it is far enough underwater to worry about this..
We have a party that may be interested in a short sale.. but have not run it by the bank yet (BofA
)
My question would be... after giving you probably more info than you need ... lol In the event that this short sale is approved.. Who does the bank go after in the event of a deficiency judgment.... My sister, me, or my Moms estate?? By the way there is a second on the home, thru a different lender..
Any info appreciated..