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Teresarjacks…, Home Buyer in West Palm Beach, FL

my house was going for short-sale but the bank wants me to pay adifferece of $40,000 that i did not accept so now my housewill be going to

Asked by Teresarjackson, West Palm Beach, FL Mon May 30, 2011

floreclosure; if i buy another house cash is the bank
capable to reposses or put a linn in my new house.

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Answers

7
Negotiate. The first offer is not usually the final offer! For them to ask you to contribute 40,000 towards their loss, you must have significant liquid assets. What did your bank statements show? A deficiency judgment is a common request but contributing 40,000 cash to closing is not. Hard to help since we don't have all the details but your best bet is to try to get them to come down and negotiate a full settlement for less $.
0 votes Thank Flag Link Mon Jun 13, 2011
Teresa,

One thing the banks are looking for is a true hardship and if you have funds available to pay cash fro another property they are probably aware of that. Whoever is negotiating the short sale is probably trying to get you a waiver of a future deficiency judgement and that is something you need to consider. Not knowing your financial situation I would strongly suggest you sit down with legal and financial counsel to determine what would be the best course of action for you. It may be that it is your best course of action to negotiate with the bank and get the short sale done. Remember that is a bank forecloses that does not relieve you of your financial obligations and they have a long period of time to go after your for the debt.

I hope this is helpful and if you need anything additional please feel free to give me a call.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Tue May 31, 2011
Hi Teresa,

You should discuss this situation with a real estate attorney. There may be a way to accomplish what you wish to do. Ask the attorney and follow their advice. If you need a referral to a real estate attormey let me know, I'll be happy to help.

Nadine Mauro
Highlight Realty
561-414-0864
NadineMauroRE@yahoo.com
http://www.floridahouseseller.com/
0 votes Thank Flag Link Mon May 30, 2011
Teresa,

You have to be very careful because in Florida the lender can go after you for 100% of their loss including attorney fees.

You may be better off signing a Promissory Note to repay the Lender (probably there is a PMI company demanding this).

You need legal advice but do not walk away. We do have homestead protections so they may not be able to take away your new home but they may be able to go after any assets for 20 years. Take a look:

http://www.tampabay.com/news/business/deficiency-judgments-l…

All the best,
Alma
0 votes Thank Flag Link Mon May 30, 2011
I would never agree or advise my clients to agree to pay a deficiency.
There are plenty of ways to buy your next home and keep your current lender away from it.

Stick to your guns.
0 votes Thank Flag Link Mon May 30, 2011
There's a good chance we can get your short sale closed. Please call us directly to discuss your specific situation. Our services are FREE to homeowners.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Mon May 30, 2011
Umm. If you're capable of buying another house for cash, then why aren't you able to make payments on your current home? Sounds like your current lender knows that there's something fishy going on.
0 votes Thank Flag Link Mon May 30, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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