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Old 08-31-2009, 12:56 PM
 
4 posts, read 14,360 times
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I am the seller of a short sale in West Palm Beach, Fl 33413
Recently the first mortgage was approve by the bank and they gave me 30 days to close this deal, however the second mortgage is not approved If I am willing to sign a promissory note for the second mortgage balance why the bank is taking so long to respond.....any ideas?
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Old 08-31-2009, 02:05 PM
 
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Because the bank doesn't want to convert a secured loan to an unsecured loan.
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Old 08-31-2009, 02:15 PM
 
4 posts, read 14,360 times
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so their willing to lose it all......
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Old 08-31-2009, 06:27 PM
 
2,143 posts, read 8,029,725 times
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Quote:
Originally Posted by latin954 View Post
so their willing to lose it all......
I guess the question is that they have something secured now and they may get something. If it's unsecured, they already know you won't pay. Therefore, they have nothing to lose.
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Old 09-01-2009, 05:29 AM
 
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I have been paying for 3 years, why would I stop paying now.....its only $150 a month.....
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Old 09-01-2009, 05:59 AM
 
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Are you the original poster?
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Old 09-03-2009, 12:10 PM
 
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yes..
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Old 09-03-2009, 12:14 PM
 
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Why two different names?
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Old 09-04-2009, 02:49 PM
 
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thats my wifes name...
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Old 09-04-2009, 08:14 PM
 
Location: Palm Beach County
1,708 posts, read 4,397,385 times
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The second loan usually gets close to nothing on a short sale ($3-5,000). So they fight for everything they can get which usually ends up delaying the process. You're credit is going to take a decent hit anyway (much better than a foreclosure though)
Do you already have your house listed as a short sale?
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