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Old 11-24-2014, 01:58 PM
 
1 posts, read 847 times
Reputation: 10

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I have a client which is upside down and she wants me to do a short sale on her house but she has not been late on her payments, under what situation I can do a short sale if she has been paying her payments, she has an acceptable hardship and is no longer able to fix up her house ( Roof ) and owes more than what the house worth Please help I am suppose to meet up with her tomorrow
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Old 11-24-2014, 02:03 PM
 
Location: New-Dentist Colony
5,759 posts, read 10,734,411 times
Reputation: 3956
Wrong forum.

Also, a comma is not an acceptable substitute for a period, semicolon, or a question mark.
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Old 11-24-2014, 02:54 PM
 
1,304 posts, read 2,429,457 times
Reputation: 1215
The bank has zero incentive to allow a short sale as long while a the person is up to date on payments. That being said if you can prove some sort of hardship (I assume medical) you may have some luck if she has a negative net worth and truly will never cover the loan.

If she has other assets than can be sold to cover the difference (cash, investments, etc) then the best case scenario would be to sell what she needs to cover the difference on the loan. Otherwise the bank can still come after her for a deficiency judgement, although this varies by state. Unfortunately if the bank is not interested in dealing, you may have to tell her to not pay her mortgage and let her credit go into the gutter. Maybe then the bank will be more willing to short sale when they realize the money has dried up.
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Old 11-24-2014, 03:53 PM
 
Location: Central Virginia
6,568 posts, read 8,415,072 times
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Quote:
Originally Posted by meddymalecki View Post
I have a client which is upside down and she wants me to do a short sale on her house but she has not been late on her payments, under what situation I can do a short sale if she has been paying her payments, she has an acceptable hardship and is no longer able to fix up her house ( Roof ) and owes more than what the house worth Please help I am suppose to meet up with her tomorrow
Refer your client to another Realtor (and ask for a referral fee at closing).
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Old 11-24-2014, 04:09 PM
 
Location: Sterling, VA
1,059 posts, read 2,965,307 times
Reputation: 633
If you are a Realtor, you should ask your Broker for help with this, not a forum. Your Broker is held responsible for your actions and can face many problems if you don't know what you're doing. If you are not a Realtor, you need to ask one who is familiar with short sales. Not me, please, I don't do short sales. No offence to forum members intended.
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Old 11-24-2014, 08:33 PM
 
Location: northern va
1,736 posts, read 2,896,716 times
Reputation: 1688
As others have mentioned, get with your broker.
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