short sale promissary notes: I am buyer trying to buy a condo through a short sale. My broker tells me that

Asked by Susan, Dayton, ME Wed Aug 12, 2009

the latest trend with short sales is for the seller's lender to require the seller to sign a promissary note for the difference in the amount owed. Therefore, most sellers in this situation choose to just go into foreclosure instead. Is this what most of you are finding lately? Also, my seller can't get anyone at GMAC to even mail her the initial packet of paperwork she needs to get the process started. Any suggestions?

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Keith Sorem, Agent, Glendale, CA
Wed Aug 12, 2009
Lenders are taking a tougher approach to short sales. A lot depends on the seller's situation. If the mortgage is not just purchase money, but perhaps includes a cash out refi, then it is possible that they view that as a situation where they are going to ask for a promissory note. Better that, than a foreclosure.
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CJ Dubois-Co…, Agent, Saco, ME
Wed Aug 12, 2009
Hi Susan,

Short sales are complex. If you are not in a buyer's agreement with a Realtor, give me a call and I can discuss the process and different scenarios with you.

CJ Dubois-Cote, Prudential Prime Properties, 207-615-1663 or
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