Foreclosure in Newington>Question Details

Ginger, Home Seller in Newington, CT

I would like to know, if we were to do a short sale, payment are to high and upside morg. but we do own a1/4 of a house, can the bank come after it.

Asked by Ginger, Newington, CT Sun Aug 15, 2010

We are in a upside Morg, we have try to work with the leader, which it did for a year. Now they went back up on the monthly payment on our morg payment. We are thinking of doing a short sale, but I am on my mom's bank acct and my husband owns 1/4 of house that was left to him and his family. Can the leader come after that???

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John Perriello’s answer
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0 votes Thank Flag Link Sun Aug 15, 2010
Ginger the lender will assess if you have the baility to pay back the deficiency left from a foreclosure or short sale and then decide to write it off, try and collect themselves or th sell the debt at a discount to a collector to try and collect.

Ona short sale you can negotiate what happens to the shorted amount. They will ask for a financial form and if you list that asset on it, they will have cause to rty and use that to collect the shorted amount.

Please see my blog for tips on getting a short sale approved
0 votes Thank Flag Link Sun Aug 15, 2010
Hi,

In order to do a short sale, you must complete financial disclosures listing all of your assets. You must list any acct or property where your name appears as a legal owner, even if it there just for convenience. If you do not, the bank may find it anyway, and determine that you willfully misrepresented your financial position.

You can try to explain to the bank that the account is "Mom's" - but they will likely look at that as an asset of yours. In the future, you can always check with the bank about putting you on Mom's acct as POA instead of a joint account holder.

I have closed short sales where a seller owned other property. The lender must ascertain that forgiving the debt, or working out a post-closing payment plan for all or partial is the best business decision for the bank. The bank is not there to "help" you - but rather make the business decision that results in the least pain for the bank. If you really cannot afford your payments, it is in the bank's best interest to work out a solution. If you have other assets that are not liquid, such as real property, they would want you to sell it. Since you cannot control that property as a minor interest holder, you will need to explain that in your hardship package.

I have closed short sales where the bank forgave debt when the seller owned other property......so it can happen. It has to make sense, though.
0 votes Thank Flag Link Sun Aug 15, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
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