Home Buying in 29483>Question Details

Nay, Home Buyer in North Charleston, SC

Shortsale contract signed by seller,not father)cosigner)he wants it to go into foreclosure. Help!!!!

Asked by Nay, North Charleston, SC Thu Oct 25, 2012

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You have to be the one to decide how to best use your time. You may find that you learn a lot by following through to the next step.

The father who is on the hook for the loan may need a little more information as to the benefits he will see on his credit if the short sale is approved. Actually there are pros and cons to the short sale. The con can be an unplanned tax liability.

Both borrowers need the whole picture so they can make an informed decision. Often when someone is being difficult it is because they don't understand a lot of what is going on so they naturally don't want to make a decision.

I would bullet list the benefits and the downside of doing a short sale and the same with the foreclosure. I would then explain these to the father. He is then either on board with it at that point or he's not.
0 votes Thank Flag Link Mon Nov 5, 2012
thank you for your reply. The listing agent hired an attorney so that the attorney can talk with the father and his attorney. My fingers are crossed and I am staying positive. I so do appreciate your advice!
Flag Tue Nov 6, 2012
A Shortsale is hard enough with this crap:
Walk away from it, realize it now.
0 votes Thank Flag Link Thu Oct 25, 2012
this is the 2nd attempt on a different house that is a short sale. I love this house and I will plan on fighting for it. I just hope the father realizes short sale is better than foreclosure! thanks for advise.
Flag Fri Oct 26, 2012
Nay.........I believe that you must have both to agree to the Short Sale, but check with a real estate attorney to be sure, in order to have a ratified contract. Does co-signer understand the damage done to both his credit & the seller's if the home goes to foreclosure? If not, it needs to be explained in detail. If you have any other questions regarding a short sale or real estate in general, please let me know & I will attempt to answer or find the correct answer for you. Good Luck! Carol
0 votes Thank Flag Link Thu Oct 25, 2012
thanks for the advice! The Co-signer(Father) has his own attorney and wants to seek power of attorney as well. I hope his attorney has advised him of the negative effects! Wells Fargo and listing agent wants to put a clause in contract to waive him for the debt or something like that. Listing agent has an attorney handling this as well. I love this house and I want to fight for it!
Flag Fri Oct 26, 2012
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